Question

what do you understand by the term bank reconciliation statement?​

Answer 1

Explanation:

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 as reported by the financial institution in a bank statement. ... Bank statements are commonly routinely produced to enable account holders to perform bank reconciliations.

Answer 2

Answer:

Bank Reconciliation Statement:

In English Language, reconciliation means; the action of making one view or belief compatible with another.

In banking terminology, A reconciliation statement is the summary of all your transactions over a specified duration of time.

A reconciliation statement consists of details of deposits, withdrawals, other requests and failed transactions may it be a deposit or a withdrawal: Eg. Bouncing of a cheque, Failure of online transactions etc.

Any Individual having a bank account can enjoy the privilege to request for the above referred statement.( Utmost once a month )

Usually, business account holders prefer this statements.

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