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Bank Statement Reconciliation Definition

February 18, 2015

smayes

Definition
The act of checking your account records against the bank’s record of financial transactions for a particular time period.

Extended Definition
Bank statement reconciliation means comparing all the deposits, withdrawals, and other financial activity in your account against your bank statement for a particular account. Business owners should try to reconcile their bank statement each month in order to keep track of their business finances.

Related Article:

Bank Statement Reconciliation: What You Need to Know

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