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Bank Reconciliation

Matching ledger cash records against the bank statement.

Area
Accounting
Also known as
bank rec
In this area
51 terms of 259

Bank reconciliation compares every line on the bank statement to the ledger, explaining differences as timing items — uncleared cheques, deposits in transit — or as errors to correct.

It is the most basic financial control there is, and one of the most effective. Unrecorded payments, duplicate transfers and unauthorised withdrawals are found here first.

See it in AWRA OpsHub

Accounting Controls

Related terms

Trial Balance

A listing of all account balances used to check the ledger is in balance.

Month-End Close

The process of finalising and locking a period’s financial records.

Remittance Advice

A notice telling a supplier which invoices a payment covers.

Internal Control

A process designed to prevent or detect error and fraud.

More in Accounting

Accounts Payable (AP) Accounts Receivable (AR) Accrual Accounting Accrued Expense Aging Report Bad Debt Provision Balance Sheet Break-Even Point

Bank Reconciliation is not just a definition here

Accounting runs on this vocabulary every day in AWRA OpsHub — 51 of our 259 glossary terms describe things the platform actually does.

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