Home/Glossary/Bank ReconciliationUpdated on: March 29, 2024

Contents

What is Bank Reconciliation?

A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.

Software with Bank Reconciliation

PRODUCT NAME SW SCORE (OUT OF 100) AGGREGATED RATINGS (OUT OF 5)
Quickbooks 98 4.2
Freshbooks 96 4.4
Xero 96 4.1
Wave 96 3.7
FreeAgent 94 4.3
Zoho Books 94 4.5
Qonto 93 3.7
MYOB 92 4.2
Workday Financial Management 91 3.2
Accounting Seed 90 4.5

Related Features

View all features