bank reconciliation

  

Definition

Analysis and adjustment of differences between the cash balance shown on a bank statement, and the amount shown in the account holder's records. This matching process involves making allowances for checks issued but not yet presented, and for checks deposited but not yet cleared or credited. And, if discrepancies persist, finding the cause and bringing the records into agreement.

Use bank reconciliation in a sentence

  • Sometimes you will get a bank reconciliation after there has been a minor error and the bank finally figures it out.

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  • The bank reconciliation needed to be performed at the end of the month so we had to work overtime yesterday.

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  • The bank reconciliation shows that more checks have cleared which I am not showing on my end so I need to review all the info again to ensure accuracy.

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