oboloo Glossary

Bank Reconciliation Format

oboloo Glossary

Bank Reconciliation Format

Bank Reconciliation Format is a process used by businesses to ensure that their reported financial accounts accurately reflect their actual cash amount. The bank reconciliation format is used to compare the amount of money reported in a business’s books to the total amount recorded in their bank account statement. This process helps identify discrepancies and make adjustments to ensure accuracy. By reconciling their bank accounts, businesses are able to trust that their financial records accurately represent the current financial situation of the company.