Bank Statement Reconciliation
noun [bangk•steyt-muh nt•rek-uh n-sil-ee-ey-shuh n]
- Accrued Dictionary definition: A weigh station for bank statement semis. When a truck crosses into a new month, an accountant checks its weight to make sure it matches the original report. If it matches, the truck is free to continue its journey. If something tips the scales, accountants investigate for lost cargo or smuggled goods.
// “It’s month’s end close. Time to start the bank statement reconciliation.”
2. Textbook definition: The process of truing up an entity’s bank account with its financial records by outlining the deposits, withdrawals and other activities affecting a bank account for a specific period.
// “Completing a bank statement reconciliation helps identify double accounting in the general ledger.”
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