A check for $150 written by a depositor to cover a liability was entered in the journal as $510. According to the depositor's records, this item would be added to the balance on the bank reconciliation.
Bank reconciliation is the process used in bookkeeping to compare the amount of a bank account recorded in the books of an entity to the balance reported by the financial institution in the most recent bank statement.
Any discrepancy between the two numbers needs to be investigated and, if necessary, fixed. Account holders frequently use bank statements from the financial institution that are produced on a regular basis to do their bank reconciliations.
Many financial institutions now provide direct downloads of financial transaction data into account holders' accounting software to aid in reconciliations; these downloads commonly use the CSV file format.
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