Bank Statement — Recording and reconciliation
A bank statement is a document from the bank showing all transactions (credits and debits) on the business account for a specific period, with opening and closing balance.
Definition
A bank statement is a document from the bank showing all transactions (credits and debits) on the business account for a specific period, with opening and closing balance.
Details
Bank statements are essential for: recording transactions in bookkeeping, reconciling balances, documenting inflows and outflows for tax purposes. Kept for minimum 10 years. Electronic statements are available via e-banking.
Example
Monthly statement for March: opening balance 500K MKD + inflows 800K (5 collected invoices) − outflows 600K (salaries, suppliers, taxes) = closing balance 700K MKD.