Bank Statement Reconciliation
/ˈbæŋk ˈsteɪtmənt ˌrɛkənˌsɪliˈeɪʃən/
Definitions
- (n.) The process of comparing and matching entries in a bank statement with a company's accounting records to ensure accuracy and identify discrepancies.
The accountant completed the bank statement reconciliation to verify that all transactions were recorded correctly.
Forms
- bank statement reconciliation
- bank statement reconciliations
Related terms
See also
Commentary
Bank statement reconciliation is critical in legal compliance for financial accuracy and fraud detection.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.