Is Bank Reconciliation a Process?

What is bank reconciliation? Bank reconciliation refers to the process of comparing a company's books with their bank statements to ensure that all transactions are accounted for. The process is a helpful way to keep accurate records, guard against fraudulent charges and resolve any other discrepancies or issues.

Is reconciliation a process?

Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Reconciliation also confirms that accounts in the general ledger are consistent, accurate, and complete.

Is bank reconciliation a verification process?

A bank reconciliation is a process in which the sums recorded in a company's bank accounts are compared and reconciled with the entries in their internal ledgers. ... As with any other process within the company, reconciliations must be audited at least once a year in order to verify their accuracy.