What Is Bank Reconciliation? Explained
If you own a company, you've probably heard the word "bank reconciliation" at some point. And if you do not have a thorough understanding of financial terminology, it is natural to ask, "What is a Bank Reconciliation?" There is no need to be concerned because we will go over this subject in great depth here. You will also gain a thorough understanding of bank reconciliation, its intent, and the steps involved in the process. What Is Bank Reconciliation? A bank reconciliation statement is a paper that measures a company's cash flow on the balance sheet to the total on a bank statement—reconciling the two accounts aids in determining what accounting adjustments are needed. Bank reconciliations are performed on a routine basis to ensure that the company's cash accounts are accurate.…