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Bank Reconciliation

Reconciling the bank accounts is considered to be an important process in order to check whether any transactions are incorrect or missing.  It is important for any business to ensure the accounts are true and fair.  Therefore, it is important the the bank account transactions match what has been declared within the accounts - expenditure and income.

Any discrepancies need to be found, but may include:

  • Cheques sent at the end of the period but not yet cashed or banked.
  • Payments that were missed from the bank statement if an invoice was never received.
  • Money in received but not banked until after the period. 

Performing these checks regularly will drastically reduce the level of errors that are incurred within the accounts.

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