What does the word reconcile mean in terms of banking?

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The process of comparing and reconciling accounting records with the records presented on the bank statement. Sometimes disrepancies between the records might occur due to the timing differences when the data is recorded in the accounting and in the bank books. The purpose of bank reconciliation is to check whether the disrepancies are due to timing rather than error
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What does it mean to reconcile checks?

Either pay it or come to an agreement with the company.. Answer . If you are reconciling a cash account, it means to identify all of the differences between your balance and the bank's balance. Your checkbook might show $100 balance but the bank says you have $109. Why? Because you wrote a $10 c (MORE)

How is prepared Bank reconcilation statement?

Ending bank account balance per bank statement - add deposits made before and upto the date of the ending balance on the bank statement that are not on the bank statement - subtract checks and other expenses (debit cards, etc) made before and upto the date of the ending balance on the bank statement (MORE)

What does non-derogatory mean in terms of banking?

A non-derogatory account is a bank account (typically a credit account) which is current and has experienced no late payments in the last 36 months. Non-derogatory from a banking standpoint basically means that an account is OK.

Bank reconcilation statement?

'Bank reconcilation statement' means veryfying / realising every transactions done with bank. It may be related with payment made or credit received or particular interest charged or received.

Sentence using the word reconcile?

Mom was always trying to get my brother and I to reconcile , "Kiss and make up you two" she would say, even with her last breath she had said, "You two will be the death of me yet, with all your fighting and bickering, go on you two, forgive and forget!"

What is the meaning of the word 'bank'?

A banker or bank is a financial institution whose primary activity is to act as a payment agent for customers, and to borrow, lend, and, in all modern banking systems, create money. Source: http://en.wikipedia.org/wiki/Bank.

What does the word reconcile mean when it says that Christ reconciled the world to himself?

1. To reestablish a close relationship between. 2. To settle or resolve. 3. To bring (oneself) to accept: He finally reconciled himself to the change in management. 4. To make compatible or consistent: reconcile my way of thinking with yours. See Synonyms at adapt Another answer: Th (MORE)

What is bank reconcilation?

A Bank reconciliation is a process that explains the difference between the bank balance shown in an organization's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.

What is reconcilation?

Reconciliation is when two people make up from a fight. If they arein a dispute and they choose to move on and let it go, theyreconciled.

What is bank reconcilation statement?

It shows the adjustments done to reconcile the final figure on the bank statement of a business, to that of the balance of the bank account that appears on the company's financial statement. The figures may be different as a firm may send out a cheque and while the amount the cheque was written for (MORE)

What does reconcile mean?

to reconcile is to make up. to make peace with something orsomeone. It means to settle or to bring something to accept It sort of depends on what you're saying. Like if you got in afight with a friend then reconcile would mean- to forgive eachother or to come to an agreement. In accounting or measur (MORE)

What does the word reconcile mean?

It means to make up with someone after having fallen out with them. It could also be between any group of individuals. Countries or organisations can reconcile their differences over something, not just individuals.

What is reconciled?

to reconcile is to make up. to make peace with something or someone.. It means to settle or to bring something to accept

How do you use the word reconcile in a sentence?

source: yahoo answers In order to reconcile with Juliett Romeo realized what he needed to do to make ammends. Even though Rodney stole her money,wrecked her car,and ran off to Mazatlan with her best friend,Candy still held out hope that they could one day reconcile.

What is reconcilication?

Reconciliation is were people forgive eachother.. For Example;. Lauren and Amy are great friends but they have broken friends, So I sit them down and reconcile with them. Now they are great friends once more.

What does reconcilation mean?

Do you mean "reconciliation" Well if that what you meant, The definition for reconciliation is - the reestablishing of cordial relations.

How often should you bank reconcile?

It depends on how many items are going theough the account and how often you need to reconcile. Many banks only produce personal statements on a monthly basis and so a monthly reconciliation may be OK. If you need to definitely see what is in your bank account more often than monthly then see if the (MORE)

How often should you do a bank reconcilation?

It depends on how big the turnover of the account is and when the Bank produces the Bank Statements for you. If the number items of income and expenditure going through the account are only a few in a month then do it monthly. If there are a lot then you might want to consider doing it fortnightly o (MORE)

What does bank term CAD mean?

It occurs when a country's total imports of goods, services and transfers is greater than the country's total export of goods, services and transfers. This situation makes a country a net debtor to the rest of the world.

What does credit mean in banking terms?

credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead arranges either to repay or return those resources (or other materials of equal value) at a later date. Th (MORE)

Why does the bank statement have to be reconciled with the bank balance in the cash book?

This is mainly done when your cashbook balance doesn't match with the statement balance. But some companiess also follow the principle for security sake. Also, if you are well aquainted with accounts, you would find that there are many mistakes even after which you may have the same balances in both (MORE)

What does it mean to reconcile a bank account?

A savings and especially a checking bank account have constant deposits and withdrawals, including debits and checks against the account. To reconcile an account is to start from the last monthly balance, add in all deposits, subtract the debits, checks, and withdrawls. Further, it usually means doi (MORE)

What does the word termed mean?

It is a definition of something, i.e., "Since the man pulled the baby from the burning house, he is termed a good person."

What is a sentence for the word reconcile?

To reconcile means to make amends, to resolve or accept something. Here are some sentences. . They tried to reconcile their differences. . He should reconcile himself to being a B student instead of an A student. . Let's reconcile this problem before we end the meeting.

What is the meaning of MT in banking terms?

MT Stands for Money Transfer in banking terms. A Money Transfer is a transaction wherein money is transferred from the bank account of one customer into the bank account of another customer. For Ex: let us say I owe you Rs. 5000/- which I borrowed last month and I know your bank account number. I c (MORE)

What does 'Basel 3' rules mean in banking terms?

Basel III Accords or Basel III Rules are a bunch of rules that are defined for banks to follow a certain set guidelines to ensure that they can operate at the best possible fashion. The Basel requirements define: a. Liquidity Ratios b. Capital Requirements c. Counterparty Credit Risk requirements (MORE)

What does reconcile differences mean?

I think you mean irreconcilable differences. If so, irreconcilable differences are differences between spouses that are considered sufficiently severe to make married life together more or less impossible. In a number of states, irreconcilable differences is the accepted ground for a no-fault divorc (MORE)

What is the purpose of reconciling your bank statement?

The purpose of reconciling your bank statement is to ensure that the deposits and withdrawals made during the previous statement period are accurate and up-to-date. It also helps you to maintain working knowledge of your balance by indicating what withdrawals (e.g. checks you have written) have not (MORE)

What does Exception Processing mean in banking terms?

Exception processing in banking is simply when an item is processed as an exception to normal practices and as a courtesy to the customer. For example, you have written a check for an amount slightly higher than your bank balance and it is cleared through your account rather than being returned NSF. (MORE)

What is the meaning of the term electronic banking?

Electronic banking is a term used to cover all finacial transactions conducted away from a physical bank and includes telephone banking and automated banking,However most people regard the term as meaning banking carried out online via a PC or Laptop.An individual can set up direct debits ,wire mone (MORE)