Recruiter's Glossary

Examples: Forecast • Cost Center • Income Statement

Bank Reconciliation

Term from Accounting industry explained for recruiters

Bank reconciliation is a fundamental accounting process where someone compares a company's financial records against their bank statements to make sure everything matches up. It's like double-checking that what the company thinks it has in its account actually matches what the bank says is there. This process helps catch mistakes, identify missing transactions, and prevent fraud. Think of it as balancing a checkbook but for businesses. Companies need people who can do this regularly (usually monthly) to ensure their financial records are accurate and up-to-date.

Examples in Resumes

Performed daily Bank Reconciliation for accounts with over $5M in transactions

Managed Bank Reconciliations across 12 different business accounts

Implemented automated Bank Reconciliation processes that reduced errors by 50%

Supervised team of 3 clerks performing monthly Bank Recon activities

Typical job title: "Bank Reconciliation Specialists"

Also try searching for:

Accounting Clerk Bookkeeper Staff Accountant Accounts Payable Specialist Financial Analyst Reconciliation Specialist Treasury Analyst

Where to Find Bank Reconciliation Specialists

Professional Associations

Online Communities

Job Boards

Example Interview Questions

Senior Level Questions

Q: How would you handle a large discrepancy between bank statements and internal records?

Expected Answer: A senior reconciliation specialist should explain their systematic approach to investigating discrepancies, including reviewing all transactions, checking for timing differences, looking for missing entries, and documenting the resolution process.

Q: How would you improve the current bank reconciliation process in a company?

Expected Answer: They should discuss implementing automation tools, establishing clear procedures, creating check and balance systems, and training staff on best practices to prevent errors.

Mid Level Questions

Q: What are common reasons for reconciliation discrepancies?

Expected Answer: Should mention timing differences between when checks are written and cleared, outstanding deposits, bank fees, missing entries, and data entry errors.

Q: How often should bank reconciliations be performed and why?

Expected Answer: Should explain that reconciliations are typically done monthly but may be more frequent for high-volume accounts, and discuss why timely reconciliation is important for catching errors and preventing fraud.