Definition: Bank Reconciliation Statement is a statement that makes a company's records of its bank account consist with the bank statement or bank records and make corrections if required. Such statement compares the two accounts; the closing bank balance on the bank statement and the closing bank balance on the company's books of accounts in order to validate the accuracy of its business transaction. It summarizes different business activities that are related to the bank such as deposits, withdrawals, payments, and other activities that affect the balance in the bank account.
More on accounting and auditing: Accounting Cycle, Accounts Payable, Accounts Receivable, Accrued Revenue, Amortization, more...
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