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Accrued Dictionary

Bank Statement Reconciliation

By PRETTY BOOKS ON July 30, 2020
Metaphorical definitions of complex accounting terms.

The accounting language is filled with highly technical words and phrases that describe the highly technical job functions of an accountant. The ACCRUED DICTIONARY is a collection of common terms accountants use broken down into easy-to-understand metaphors, jokes, and whimsy. The dictionary cuts through the technical jargon and gives you a metaphorical perspective at what these words mean

Bank Statement Reconciliation

noun [bangk•steyt-muh nt•rek-uh n-sil-ee-ey-shuh n]
  1. Accrued Dictionary definition: A weigh station for bank statement semis. When a truck crosses into a new month, an accountant checks its weight to make sure it matches the original report. If it matches, the truck is free to continue its journey. If something tips the scales, accountants investigate for lost cargo or smuggled goods.

   // “It’s month’s end close. Time to start the bank statement reconciliation.”

2. Textbook definition: The process of truing up an entity’s bank account with its financial records by outlining the deposits, withdrawals and other activities affecting a bank account for a specific period.

   // “Completing a bank statement reconciliation helps identify double accounting in the general ledger.”

 

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