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Glossary

Bank Reconciliation

The process of matching a company's ledger transactions to the bank's official statement.

What it means

Bank reconciliation compares your internal books to the bank's records to catch missing entries, duplicates, and errors. Converting bank statements to CSV, Excel, QBO, or Tally XML dramatically speeds up reconciliation by eliminating manual data entry.

Related terms

PDF Bank StatementQBO (QuickBooks Web Connect)Tally XML

More from the glossary

PDF Bank StatementCSV (Comma-Separated Values)XLSX (Microsoft Excel Workbook)OFX (Open Financial Exchange)QFX (Quicken Financial Exchange)QBO (QuickBooks Web Connect)QIF (Quicken Interchange Format)IIF (Intuit Interchange Format)