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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. |
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Learn more about Bank Reconciliation Statement More on accounting and auditing: Accounting Cycle, Accounts Payable, Accounts Receivable, Accrued Revenue, Amortization, more... You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA. MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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