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Understanding the Bank Reconciliation Statement Bank reconciliation statements ensure payments have been processed and cash collections have been deposited into the bank. The reconciliation statement helps identify differences between the bank balance and book balance, in order to process necessary adjustments or corrections.

An accountant typically processes reconciliation statements once a month.

A bank reconciliation statement summarizes banking and business activity, reconciling an entity’s bank account with its financial records.

Bank reconciliation statements confirm that payments have been processed and cash collections have been deposited into a bank account. All fees charged on an account by a bank must be accounted for on a reconciliation statement.

After all adjustments, the balance on a bank reconciliation statement should equal the ending balance of the bank account.

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