SEO Sai Gr. Hosp.
198432 Points
Joined July 2016
A bank reconciliation statement could be defined as the summary of the banking and business accounts that reconciles a company's bank account with its financial record. The statement contains a record of all the deposits, withdrawals and other financial activities with a bank over a certain period of time. It is a useful tool to control fraudulent activities.
To complete a bank reconciliation statement, the accountant needs the following data.
- Current and previous month's bank statement
- The closing balance of the bank account
- Any outstanding payments or withdrawals (cheques that haven't been processed yet)
- Any fees charged by the bank on the account.