- *internal control procedure to identify differences between *bank statements and corresponding bank *balances stated in *general ledger *accounts. Errors and timing differences may arise between the accounting of transactions by a bank and its customers. To ensure the accuracy of both bank balances and the general ledger, an organization or individual periodically Reconciles bank statements with related general ledger accounts. Typical differences include *checks not yet processed through the bank, and items in transit.
Auditor's dictionary. 2014.
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