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Bank Reconciliation
In bookkeeping, bank reconciliation is the process by which the bank account balance in an entity’s books of account is reconciled to the balance reported by the financial institution in the most recent bank statement. Any difference between the two figures needs to be examined and, if appropriate, rectified. Bank statements are commonly routinely produced by the financial institution and used by account holders to perform their bank reconciliations. To assist in reconciliations, many financial institutions now also offer direct downloads of financial transaction information into the account holders accounting software Accounting software is a computer program that maintains accounting, account books on computers, including recording Financial transaction, transactions and Balance (accounting), account balances. It may depend on virtual thinking. Depending on ..., typically using the .csv file format. Differences between an entity’s books of account and the bank’s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reconciliation (accounting)
In accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement. It is a general practice for businesses to create their balance sheet at the end of the financial year as it denotes the state of finances for that period. Reconciliation is used to ensure that the money leaving an account matches the actual money spent. This is done by making sure the balances match at the end of a particular accounting period. Definition The following two definitions are given by the Oxford Dictionary of Accounting. i) “A procedure for confirming that the balance in a chequebook matches the corresponding bank statement. This is normally done by preparing a bank reconciliation statement.Owen, G. and Law, J. (2005). A dictionary of accounting. Oxford: Oxford University Press. ii) A procedure for confirming the reliability of a company's accounting records by regularly comparing alances of transactions An account reco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Statement
A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are numbered and indicate the period covered by the statement, and may contain other relevant information for the account type, such as how much is payable by a certain date. The start date of the statement period is usually the day after the end of the previous statement period. Once produced and delivered to the customer, details on the statement are not normally alterable; any error found would normally be corrected on a future statement, usually with some correspondence explaining the reason for the adjustment. Bank statements are commonly used by the customer to monitor cash flow, check for possible fraudulent transactions, and perform bank reconciliations. Historically they have been printed on one or more pieces of paper, and either mai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Software
Accounting software is a computer program that maintains accounting, account books on computers, including recording Financial transaction, transactions and Balance (accounting), account balances. It may depend on virtual thinking. Depending on the purpose, the software can manage budgets, perform accounting tasks for multiple currencies, perform payroll and customer relationship management, and prepare financial reporting. Work to have accounting functions be implemented on computers goes back to the earliest days of electronic data processing. Over time, accounting software has revolutionized from supporting basic accounting operations to performing real-time accounting and supporting financial processing and reporting. Cloud accounting software was first introduced in 2011, and it allowed the performance of all accounting functions through the internet. Modules Accounting software is typically composed of various modules, with different sections dealing with particular areas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comma-separated Values
Comma-separated values (CSV) is a text file format that uses commas to separate values, and newlines to separate records. A CSV file stores Table (information), tabular data (numbers and text) in plain text, where each line of the file typically represents one data record (computer science), record. Each record consists of the same number of field (computer science), fields, and these are separated by commas in the CSV file. If the field delimiter itself may appear within a field, fields can be surrounded with quotation marks. The CSV file format is one type of Delimiter-separated values, delimiter-separated file format. Delimiters frequently used include the comma, tab-separated values, tab, space, and semicolon. Delimiter-separated files are often given a ".csv" filename extension, extension even when the field separator is not a comma. Many applications or libraries that consume or produce CSV files have options to specify an alternative delimiter. The lack of adherence to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Transaction
A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A financial transaction always involves one or more financial asset, most commonly money or another valuable item such as gold or silver. There are many types of financial transactions. The most common type, purchases, occur when a good, service, or other commodity is sold to a consumer in exchange for money. Most purchases are made with cash payments, including Cash, physical currency, debit cards, or cheques. The other main form of payment is credit, which gives immediate access to funds in exchange for repayment at a later date. History There is no evidence to support the theory that ancient civilizations worked on systems of barter. Instead, most historians believe that ancient cultures worked on princi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
