bank reconciliation

a comparison between the bank's record of transactions and the record of the firm's cash book. After taking into account such items as unpresented cheques and bank charges etc., the two records should show an identical balance. Glossary of Business Terms

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bank reconciliation ˌbank reconciliˈation noun [uncountable] FINANCE
explaining the differences between the amount of money you really have in your bank account and the amount shown in your bank for example by taking into account cheques you have written that have not yet been paid:

• The product offers all the things you would expect from a home finance software package, such as bank reconciliation.

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bank reconciliation UK US noun [C or U]
ACCOUNTING, BANKING the process of comparing a customer's financial records with those of a bank to make sure that they agree about the amount of money in the customer's account: »

You will then need to prepare a bank reconciliation, using your latest statement.

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a bank reconciliation statement


Financial and business terms. 2012.

Look at other dictionaries:

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  • bank reconciliation statement — A statement that reconciles the bank balance in the books of an organization with the bank statement. Differences may be due to cheques drawn by the organization but not yet presented to the bank, bank charges deducted from the account not yet… …   Accounting dictionary

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  • reconciliation — UK US /ˌrekənˌsɪliˈeɪʃən/ noun [C or U] ► ACCOUNTING the process of comparing different financial accounts, amounts, etc. in order to check that they add up to the same total or to explain any differences between them: »We haven t done a… …   Financial and business terms

  • Reconciliation — may refer to:* Reconciliation (Josefina de Vasconcellos), a sculpture by Josefina de Vasconcellos * Bank reconciliation * Reconciliation bill * Reconciliation process * Reconciliation (Accounting) * Confession, or Reconciliation, a Christian… …   Wikipedia

  • reconciliation statement — ➔ statement * * * reconciliation statement UK US noun [C] (also reconciliation) ► ACCOUNTING a document that compares different financial accounts, amounts, etc. in order to check that they add up to the same total or to explain any differences… …   Financial and business terms

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