Financial Accounting

What is a Bank Reconciliation Statement?

Bank Reconciliation Statement

A bank reconciliation statement is a document that reconciles the balances of a bank’s checking account with the bank’s reported financial statements. The statement shows whether there are any discrepancies between the two sets of numbers and helps to identify possible sources of error.

A bank reconciliation statement is a document that summarizes the transactions of a bank account for the past month. Transactions can include deposits, withdrawals, and transfers. This statement can help you keep track of your finances and ensure that all transactions are recorded properly. Bank reconciliation statements are generally prepared monthly, quarterly or annually. Bank reconciliation statements may be prepared manually by the bank’s accounting staff or they can be generated automatically by a bank’s computerized accounting system.

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