A bank reconciliation statement compares an entity’s bank account to its financial records and describes banking and commercial activity. Statements of bank reconciliation attest to the processing of payments and the depositing of cash earnings into a bank account. A reconciliation statement must provide a breakdown of any fees that a bank has assessed against an account. The balance on a bank reconciliation statement should match the bank account’s final balance after all adjustments. It is an effective internal financial control tool for preventing fraud.
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