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Bank Reconciliation
In bookkeeping, a bank reconciliation is the process by which the bank account balance in an entity’s books of account is reconciled to the balance reported by the financial institution in the most recent bank statement. Any difference between the two figures needs to be examined and, if appropriate, rectified. Bank statements are commonly routinely produced by the financial institution and used by account holders to perform their bank reconciliations. To assist in reconciliations, many financial institutions now also offer direct downloads of financial transaction information into the account holders accounting software, typically using the .csv file format. Differences between an entity’s books of account and the bank’s records may arise,for mainly three reasons,they are as follows 1)Difference due to timing in recording entries. 2)Transactions being recorded by the bank but not by the account holder. 3)Errors in recording entries. Sometimes it may be easy to reco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reconciliation (accounting)
In accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent. This is done by making sure the balances match at the end of a particular accounting period. Definition The following two definitions are given by the Oxford Dictionary of Accounting. i) “A procedure for confirming that the balance in a chequebook matches the corresponding bank statement. This is normally done by preparing a bank reconciliation statement.Owen, G. and Law, J. (2005). A dictionary of accounting. Oxford: Oxford University Press. ii) A procedure for confirming the reliability of a company’s accounting records by regularly comparing alances of transactions An account reconciliation may be prepared on a daily, monthly, or annual basis.” The generally accepted accounting principles (GAAP) are a set of accounting principl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Statement
A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are numbered and indicate the period covered by the statement, and may contain other relevant information for the account type, such as how much is payable by a certain date. The start date of the statement period is usually the day after the end of the previous statement period. Once produced and delivered to the customer, details on the statement are not normally alterable; any error found would normally be corrected on a future statement, usually with some correspondence explaining the reason for the adjustment. Bank statements are commonly used by the customer to monitor cash flow, check for possible fraudulent transactions, and perform bank reconciliations. Historically they have been printed on one or more pieces of paper, and either mail ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comma-separated Values
A comma-separated values (CSV) file is a delimited text file that uses a comma to separate values. Each line of the file is a data record. Each record consists of one or more fields, separated by commas. The use of the comma as a field separator is the source of the name for this file format. A CSV file typically stores tabular data (numbers and text) in plain text, in which case each line will have the same number of fields. The CSV file format is not fully standardized. Separating fields with commas is the foundation, but commas in the data or embedded line breaks have to be handled specially. Some implementations disallow such content while others surround the field with quotation marks, which yet again creates the need for escaping if quotation marks are present in the data. The term "CSV" also denotes several closely-related delimiter-separated formats that use other field delimiters such as semicolons. These include tab-separated values and space-separated values. A d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Transaction
A financial transaction is an agreement, or communication, between a buyer and seller to exchange goods, services, or assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A financial transaction always involves one or more financial asset, most commonly money or another valuable item such as gold or silver. There are many types of financial transactions. The most common type, purchases, occur when a good, service, or other commodity is sold to a consumer in exchange for money. Most purchases are made with cash payments, including physical currency, debit cards, or cheques. The other main form of payment is credit, which gives immediate access to funds in exchange for repayment at a later date. History There is no evidence to support the theory that ancient civilizations worked on systems of barter. Instead, most historians believe that ancient cultures worked on principles of gift economy and debt. In a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
