Account Reconciliation Law & Legal Definition
An account reconciliation is a service related to expenditures in which the bank develops a detailed report of checks paid as well as miscellaneous debits and stopped payments. In a full account reconciliation, the entity or individual also provides the bank with a record of checks drawn and the bank informs the company which checks remain outstanding.
Bank account reconciliation is the process by which you compare the information in the company's records with the statements provided each month by the bank for the bank account and balance the difference so that the bank's records and the company's records balance.
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