Bank Reconciliation

What is bank statement
The bank statement contains all bank's records like deposits, withdrawals, and balance of the business bank account over a stated time period
What is Bank Reconciliation statement
The bank reconciliation statement brings into an agreement of the balance of the business's bank account with the cash balance shown on a bank statement..

through bank reconciliation process, errors are revealed and corrected by business or bank.
What is the bank reconciliation process
The bank reconciliation process is a matching process to check for the difference of the business records against the bank statement. It is to find the cause and bring the records into agreement. Bank reconciliation is the primary internal accounting controls over cash. Also, it is necessary that the business records agree with the bank records, any discrepancies are detected and appropriate adjustments should be made.
What are the items recorded by the business but not the bank.
There are items recorded by the business, but not the bank:

Deposit recorded by the business cash receipts journal . but may be appear in the bank statement until the next day due to time lag involved in recording some transactions such as night safe deposits and electronic fund received or payments.

Unpresented cheque : Cheques are recorded by the business at the time when they are written, but they are only appeared on the bank statement when presented at the bank.

Cheques can be dishonored or returned when the bank will not pay the claim on the business's fund. They will not appear on the bank statement.
What are the transactions recorded by the bank by not by the business
Transaction such as direct deposits, bank charges, EFT items, interest charge and interest revenue are recorded by the bank. After receiving the bank statement, the business should take up these bank transactions in their cash journal.
What are the errors made by bank and business
Data entry is the common errors that could either be made by the bank or the business.
What are the process and procedures to report the bank errors.
When errors are identified by the business. The procedure is to contact the bank and confirmed the amendment to be made by the bank. The bank should fully take up the responsibility of the incorrect amount related to the error.
Why bank reconciliation is an international control over cash.
Bank reconciliation is the primary internal accounting controls over cash, because bank statement is an external document, business can compare the cash transaction record in its ledger against the bank satement.

it assists in the detection of fraud and error, and to ensure the accuracy of the cash records.