Bank Reconciliation
Also called: reconciling the bank, bank rec
A bank reconciliation matches your ledger's cash balance to the bank statement, explaining every difference — outstanding cheques, deposits in transit, fees. It's the most basic internal control there is, and performing it independently of whoever handles payments is what makes it a control rather than a formality. A large share of small-business embezzlement is found here, or would have been.
Where this is taught
Definitions are the trailer. These free levels turn Bank Reconciliation into something you play — one bite-size lesson, with worked examples, a quiz and XP.