Reconciliation
Accounting & Bookkeeping Glossary
Definition
Reconciliation is the process of verifying that two sets of records agree with each other. Bank reconciliation matches your books to your bank. Credit card reconciliation matches your books to your credit card statement. Trust account reconciliation matches client ledgers to bank balances. The goal is always the same: make sure the numbers match and catch anything that doesn't.
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Bank Reconciliation ServicesRelated Articles
How to Accurately Perform Bank Reconciliation
A bank reconciliation discrepancy is a difference between your bank statement balance and your accounting records. Common causes include outstanding checks, deposits in transit, bank fees, errors in data entry, and unauthorized transactions. Below is a step-by-step guide to finding and fixing discrepancies. A Bank…
The Importance of Bank Reconciliations for Small Businesses
In a perfect world, what’s left in your business bank account at the end of the month would align with what your company spent or earned that month. That doesn’t always happen, though, due to delays in payment processing or deposits. A discrepancy between your…
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