Question

What is monthly bank reconciliation?

Answer 1

A monthly reconciliation statement assists with getting and distinguishing any uncommon and unusual exchanges that may be brought about by malpractices or by errors made in accounting, particularly if a business utilises more than one financial account from a commercial bank. To perform bank reconciliation, one needs a couple of things including internal accounting records and a bank statement.

Also see:

• Types of Bank Reconciliation Statement
• MCQ on Bank Reconciliation Statement