Bank Account Reconciliations is the process of comparing two sets of financial records to make sure they are accurate and up-to-date. This process helps businesses review transactions and detect discrepancies that may indicate fraud or errors in record keeping. The reconciliation process typically compares bank statements to accounting entries, ensuring that the transactions recorded by the business match those reported by the bank. By undertaking regular reconciliations, businesses can ensure their books stay accurate and up-to-date while also detecting any potential mistakes or discrepancies quickly.