Tell me what is bank Reconciliation

Question

Accepted Answer

Bank reconciliation is the process of comparing and matching the balances in a company's bank statement with its own accounting records.

Bank reconciliation ensures that all transactions recorded by the company are accurately reflected in the bank statement.
It helps identify any discrepancies or errors in the company's financial records.
The process involves comparing items such as deposits, withdrawals, and bank fees between the bank statement and the company's records.
Examples of reconciling items include outstanding checks, bank errors, and interest earned.
Bank reconciliation is crucial for maintaining accurate financial records and detecting fraudulent activities.

Accepted Answer

reconciliation means matching and verifying sets of records.

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