Specifies if your bank account records are in agreement with other banks at the end of a specific period.
The transactions on the bank's statement must be entered on the reconciliation lines. This feature can also help you in posting the transactions recorded by the bank that you have not yet recorded. All the transactions on the bank's statement must then be applied to the bank account or check ledger entries on the relevant bank account. When the bank reconciliation balances, you can post it.
After you post the bank reconciliation, a Bank Account Statement is created and the ending balance of the bank account is inserted on the relevant bank account card. This allows you to keep track of all bank account transactions and maintain an updated file of your bank account statements.