Definition: bank reconciliation

The required accounting treatment for the Correction of an Error.
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Bank reconciliation compares the balance on the cash book (bank column) with the balance on the bank statement at the given point in time and explain reasons for the difference between them.
Bank reconciliation is useful to check on accuracy of accounting records for cash in the bank.

Author: amidu edson

I am certified accountant with more than 5 years of teaching experience. Currently am teaching auditing and assurance, management accounting and financial accounting for student preparing for professional exams such as ACCA and CPA.

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