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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. This ensures that all transactions are accounted for in your books. Statements are reconciled monthly and provide reassurance that there are no errors in your financial reports. We look after preparing a list of deposits in transit, listing outstanding cheques that have not yet cleared the bank, record bank charges or credits, and calculate the cash balance.
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