A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records like the outline statement deposits, withdrawals and other activities for a specific period. It should be completed at regular intervals for all bank accounts, to ensure that a company's cash records are correct. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.
Bank reconciliation applet statements ensure payments have been processed and cash collections have been deposited into the bank. The reconciliation statement helps identify differences between the bank balance and, in order to book balance process necessary adjustments or corrections. Based on the bank's month to date information, which should be accessible on the bank's web site. By completing a bank reconciliation applet every day, It can spot and correct problems immediately for an accountant typically processes reconciliation statements once a month.
0 Comments