Bank reconciliation is the process of matching figures from the bank statement to those in the accounting records. This process is used as a control to uncover any possible discrepancies and can detect or prevent fraud. A bank reconciliation is also a very important part of your cash control procedures as it verifies the amount of cash you have in your chequing account – avoiding overdraft or NSF cheques.
Our bookkeeping process includes reconciling all bank statements, line of credit, credit cards, and merchant accounts (Visa, MasterCard, Amex). This ensures that all transactions are accounted for in your books.
This helps make sure that there are no errors in your monthly financial statements.