BANKING AFFAIRS

Detailed explanation-1: -an amount of cash on deposit with a bank that the bank must pay at the written order of the depositor. The process of bringing the cash balance reported on the bank statement into agreement with the balance in the depositor’s checkbook: also referred to as reconciling the bank statement.

Detailed explanation-2: -Bank Reconciliation: The process of bringing the checkbook and bank statement balances into agreement.

Detailed explanation-3: -A bank reconciliation is the process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement.

Detailed explanation-4: -Definition: Reconciliation is the process of comparing transactions and activity to supporting documentation. Further, reconciliation involves resolving any discrepancies that may have been discovered.