Financial Terms / bank reconciliation report

Understanding Bank Reconciliation Reports

A bank reconciliation statement is an important tool to keep track of your business and banking activity.

What is a Bank Reconciliation Statement?

A bank reconciliation statement is a report of banking and business activity that reconciles an entity's bank account with its financial records.

What is the purpose of a Bank Reconciliation Statement?

The purpose of a bank reconciliation statement is to provide a helpful financial control tool.

What is an example of a Bank Reconciliation Statement?

An example of a Bank Reconciliation Statement is a report that compares the balance in an entity's bank account with the entity's financial records to identify and explain any differences.

Key Points

Specialized Accounting Software
Bank reconciliation reports require a specialized accounting software to accurately compare what is reported by the bank to the company's internal records. This software allows the company to quickly identify and resolve any discrepancies that may arise.
Compare Bank and Internal Records
Bank reconciliation reports compare the bank's information to the company's internal records in order to make sure that the bank is accurately reporting the transactions. This helps to ensure that the company is accurately reporting its financial position.
Identify Discrepancies
The bank reconciliation report helps to identify any discrepancies between the bank's information and the company's internal records. This allows the company to quickly and easily identify any discrepancies and resolve them before they become a problem.

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