Bank statement reconciliation is a process of comparing the transactions recorded in your accounting records with those on your bank statement. This ensures that your financial records accurately reflect your actual bank transactions.
Collect Documents: Gather your bank statements, canceled checks, deposit slips, and any other documents related to your bank transactions.
Access Accounting Records: Open your accounting software or ledger where you record financial transactions.
Start with Opening Balances: Verify that the opening balance in your accounting records matches the beginning balance on your bank statement for the given period.
Check Deposits: Compare the deposits recorded in your accounting records with the deposits listed on your bank statement. Ensure that all deposits are accounted for.
