What is bank reconciliation

Question

Accepted Answer

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

It involves identifying and resolving any discrepancies between the two balances.
Bank reconciliation helps to ensure the accuracy of financial records and detect any errors or fraudulent activities.
Examples of items that may cause discrepancies include outstanding checks, deposits in transit, and bank fees.
Bank reconciliation is typically performed on a monthly basis.
The process involves obtaining bank statements, comparing them to the company's records, and making any necessary adjustments.

Accepted Answer

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

Top Gallagher Process Associate interview questions & answers