Glossary
Banking Report
A banking report is a financial document provided to businesses that summarizes and confirms the alignment of transaction totals processed through card machines with those recorded by the bank. This report ensures that the amounts recorded by a business’s card payment systems match the corresponding entries in the bank’s records, verifying the accuracy of financial transactions processed during a specific period.
A banking report primarily focuses on confirming the total transaction amounts and does not reset the totals on the card machine to zero or provide detailed breakdowns by card type. Its main purpose is to offer businesses a straightforward way to ensure that their internal records of transactions align with the bank’s records, thereby facilitating accurate accounting and financial management. This report is crucial for businesses in maintaining reliable financial oversight and ensuring that all card transactions are accounted for correctly without discrepancies.