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Reconciling a bank statement?

Sep 18, 2011 by stargazer793 | Posted in International Organizations

I have a question on my economics homework. After a bank statement has been reconciled what do you do with it? Do you send it back to the bank or do you keep it. This might seem like a dumb question but Im kinda confused. Thanks!

You keep it. It's just a way to check and be sure the bank nor you have made an error. You need to be sure to do it each month when your statement comes 'cause you have a limited amount of time to notify the bank if there is an error on their part.

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