What is bank reconciliation statement?

Question

Accepted Answer

Bank reconciliation statement is a document that compares the bank statement with the company's records to identify any discrepancies.

It helps to identify any errors or fraud in the company's financial records.
It ensures that the company's cash balance is accurate.
It includes items such as outstanding checks, deposits in transit, and bank fees.
Example: If the company records show a check was issued but it does not appear on the bank statement, it may be an outstanding check.
Example: If the bank statement shows a deposit that does not appear in the company's records, it may be a deposit in transit.

Accepted Answer

It is the details with the help of which we can find out the difference between our passbook and our bank account.

Accepted Answer

Bank reconciliation statement is the process of comparing the cash balance of the company's financial record to the balance recorded into company's bank accounts. This process used to identify and discrepancies between the two records and ensure that the company's financial records are accurate and up to date.

What is bank reconciliation statement?

Top Genpact Accounts Payable Associate interview questions & answers

Popular interview questions of Accounts Payable Associate

Top HR questions asked in Genpact Accounts Payable Associate