Final answer:
The starting point for the bank portion of the bank reconciliation is labeled as the 'bank balance'. This balance is found on the bank statement and used to reconcile with the company's financial records.
Step-by-step explanation:
The starting point for the bank portion of the bank reconciliation is labeled bank balance. When conducting a bank reconciliation, you compare your internal financial records to reconcile them with the bank's records. The bank balance reflects the amount of money that the bank shows as the balance in your account. This is typically listed on the bank statement. The process involves identifying any discrepancies between the bank statement and the company's cash account due to timing differences or errors. A company’s financial records may include outstanding checks, deposits in transit, and other adjustments which need to be accounted for to match the bank's records.