Bank Statement
A Bank Statement is a document produced by a bank that shows all money movements in and out of an account over a specific time period, usually monthly. In bookkeeping jobs, professionals use these documents to match company records with actual bank transactions, find any differences, and ensure all money is properly tracked. It's a fundamental tool for bank reconciliation, which is the process of comparing internal financial records with bank records. You might also see this referred to as a "bank report," "account statement," or "monthly statement."
Examples in Resumes
Performed daily reconciliation of Bank Statement entries with company records
Managed monthly Bank Statement analysis for 50+ corporate accounts
Identified and resolved discrepancies in Bank Statement reconciliations
Implemented automated Bank Statement reconciliation process using accounting software
Typical job title: "Bookkeepers"
Also try searching for:
Where to Find Bookkeepers
Professional Organizations
Online Communities
Example Interview Questions
Senior Level Questions
Q: How do you handle complex bank reconciliations with multiple discrepancies?
Expected Answer: Should explain systematic approach to tracking differences, documenting discrepancies, and implementing solutions to prevent future issues. Should mention experience with large transaction volumes and multiple accounts.
Q: What systems have you put in place to ensure accurate bank statement reconciliation across a team?
Expected Answer: Should discuss creating standardized procedures, quality control measures, and training programs for staff. Should mention experience with both manual and automated reconciliation processes.
Mid Level Questions
Q: How do you identify and resolve bank statement discrepancies?
Expected Answer: Should explain process of matching transactions, investigating differences, and proper documentation of adjustments. Should mention common causes of discrepancies like timing differences and missing entries.
Q: What software have you used for bank statement reconciliation?
Expected Answer: Should be familiar with common accounting software like QuickBooks, Sage, or Xero, and explain how they use these tools for efficient reconciliation.
Junior Level Questions
Q: What is bank statement reconciliation and why is it important?
Expected Answer: Should explain basic concept of comparing company records to bank statements and why this process helps prevent errors and fraud.
Q: What are the key items you look for when reviewing a bank statement?
Expected Answer: Should mention checking opening/closing balances, deposits, withdrawals, bank fees, and matching dates and amounts to internal records.
Experience Level Indicators
Junior (0-2 years)
- Basic bank statement reconciliation
- Data entry and transaction matching
- Understanding of basic accounting principles
- Familiarity with accounting software
Mid (2-5 years)
- Complex reconciliations
- Problem-solving skills for discrepancies
- Knowledge of accounting regulations
- Advanced software proficiency
Senior (5+ years)
- Team supervision and training
- Process improvement implementation
- Internal control development
- Complex financial analysis
Red Flags to Watch For
- Unable to explain basic reconciliation process
- No experience with accounting software
- Poor attention to detail
- Lack of understanding about banking transactions and terminology
- No knowledge of basic accounting principles
Related Terms
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