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ABSTRACT of BRS

A bank reconciliation statement reconciles a bank account balance with the financial records by outlining deposits, withdrawals, and other transactions over a period of time. It brings the cash balance according to the ledger into agreement with the cash balance according to the bank statement. Periodically reconciling accounts is important for clerical efficiency and accuracy in bank accounting and helps verify transactions to ensure correctness between the organization and bank.

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Krishna
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736 views1 page

ABSTRACT of BRS

A bank reconciliation statement reconciles a bank account balance with the financial records by outlining deposits, withdrawals, and other transactions over a period of time. It brings the cash balance according to the ledger into agreement with the cash balance according to the bank statement. Periodically reconciling accounts is important for clerical efficiency and accuracy in bank accounting and helps verify transactions to ensure correctness between the organization and bank.

Uploaded by

Krishna
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ABSTRACT

A bank reconciliation statement is a summary of banking and business activity that


reconciles an entity’s bank account with its financial records. The statement outlines the
deposits, withdrawals and other activity affecting a bank account for a specific period. A bank
reconciliation statement is a useful financial internal control tool used to thwart fraud.

This project will explain Bank Reconciliation System referring to bring two separate
and independent sets of related figures into agreement for example, to· reconcile the cash
balance according to the ledger with the cash balance according to the bank statement.

It refers to Encyclopaedia of Banking and Finance, the reconciliation of accounts is


the verification by a bank of its accounts with deposits: Periodic reconcilement of accounts is
one of the important tasks of clerical efficiency and accuracy in handling bank accounting
transactions.

There are many definitions of the accounts reconciliation but all of them have the
same meanings. It means to make sure that the transactions occurring with an organization has
correctness.

This project will give some ideas about automatic account reconciliation.

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