What is cash reconciliation? Cash reconciliation is the process of comparing the cash balance in a company's financial records to the balance in the bank statement. The purpose of this process is to identify any discrepancies between the two bal…
Understanding cancelled check A cancelled check is a physical or digital check that has been processed through a bank and marked as "paid" or "cancelled." This process typically involves the bank printing a stamp on the check ind…
What is a bank statement? A bank statement is a document that summarizes all the transactions in a bank account over a certain period of time, typically a month. It is issued by a bank and contains important information such as the account balance, …
What is a Bank Reconciliation Statement? A bank reconciliation statement is a document that compares the bank statement balance provided by a financial institution with the balance in the company's own records. This process is used to ensure tha…
What is the purpose of a bank reconciliation? A bank reconciliation is a process of matching the balance in a company's accounting records with the corresponding amount in its bank statement. The purpose of this process is to ensure that the com…
What is the bank reconciliation process? A bank reconciliation is a process used to ensure that the balance of a company's bank account matches the corresponding amount on the company's records. This process involves comparing the bank state…
What is bank reconciliation? A bank reconciliation is a process used to compare and reconcile the balances in a company's internal accounting records with the corresponding balances in its bank account. The purpose of this process is to ensure t…
What are Bank Errors? Bank errors refer to mistakes made by banks or financial institutions in regard to their customers' accounts or transactions. These errors can include incorrect account balances, incorrect transactions, unauthorized transac…
What is a Bank Charge? A bank charge is a fee that a bank or financial institution charges its customers for a specific service or transaction. These charges can include ATM fees, account maintenance fees, and overdraft fees, among others. ATM Fees …
What is a Bank Balance? A bank balance is the amount of money that a person or business has in their account with a financial institution, such as a bank or credit union. This balance is typically made up of cash deposits, checks that have been depo…
