STATEMENT RECONCILIATION Clause Samples
The Statement Reconciliation clause establishes the process by which parties compare and verify financial statements or account records to ensure accuracy and consistency. Typically, this involves both parties reviewing periodic statements, identifying discrepancies, and resolving any differences within a specified timeframe. Its core practical function is to prevent misunderstandings or disputes over financial transactions by ensuring both parties agree on the recorded figures.
STATEMENT RECONCILIATION. You shall employ generally accepted accounting principles to safeguard the preparation and reconciliation of items drawn on your account. If you entrust the preparation and reconciliation of items drawn on your account to anyone other than yourself or, if you are a business, to the same person who prepares your checks and other debits, you agree you will have monthly audits of your accounts by a third party. We may send statements, notices and other communications regarding your account to you at the electronic or mailing address we have in our records for your account. If your address changes, you agree to notify us. You must allow 30 days for an address change to become effective. The address will only be changed for the account or accounts you specify and will not affect any other accounts you have with us unless you specify that you want the address changed for those accounts as well. If the United States Postal Service (or one of its agents) informs us that your address has changed, we may change your address on our records to the address provided by the Postal Service, and send statements, notices and other communications regarding your account to that new address. We may destroy communications that we send and which are returned to us as undeliverable. You expressly authorize us to obtain address information from any government agency and in so doing you waive any rights to the contrary under applicable law. CHECKING AND SAVINGS ACCOUNTS
STATEMENT RECONCILIATION. FSC will reconcile the account statements for all Store Depository Accounts, the Concentration Account, the Payroll Account and the Disbursal Account with the general ledger and reconcile discrepancies. These cash accounts will be reconciled every period prior to the closing of the next period.