At a Glance
At the close of the year, most businesses close their books of accounts and reconcile bank accounts. You require a bank statement to reconcile what is recorded in the business books and what actually appears on the bank statement.
A Year-end bank statement is a useful document in achieving a full year bank reconciliation as it provides you with a full view of your annual bank transactions. These transactions include debits, credits, payroll deposits, transfers, cheque fees, and opening and closing account balances.
Year-end statements will vary depending on your bank, but the content will be the same. Be sure to ask your bank to issue you with one at the close of each business year.
Why a Year-end Bank Statement is vital for success
Bank statements essentially help businesses to reconcile their banking activities.
A year-end bank statement will show you where your money goes and comes from within a year, helping you to plan better. You can also keep track of your bank charges, loans, interests, and more ensure that your money movements are accurate.
These statements will also help you detect any theft of business money within or outside the business.