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A bank statement and a bookkeeping ledger describe the same activity from different perspectives. Bank reconciliation compares the two and brings timing differences, missing entries and unmatched items into view.
We compare the supplied statement transactions with recorded receipts and payments for the agreed period. Matching considers the date, amount and available reference. Bank charges, transfers and other entries can be recorded where the supporting information is clear.
The exact tasks, periods and responsibilities are discussed before work begins. Depending on your requirements, support can include:
Complete bank statements, the relevant bookkeeping records and explanations for unusual transactions are needed. Opening balances and the period covered are checked first, so the comparison has a consistent starting point. Each account is reviewed separately.
Some differences relate to timing; others need a document or an explanation. We keep unresolved items visible and discuss them with you. An unexplained difference is not removed simply to make the balances appear to agree.
The work can produce an updated reconciliation, a list of outstanding items and notes on corrections made to the records. Reconciliation supports routine bookkeeping review; it is not an independent audit or a certification of your accounts.
The number of accounts, currencies, periods and available records is discussed when agreeing the scope. Each reconciliation needs its own complete information.
To discuss bank reconciliations, email info@aklondonltd.com. A brief outline of your requirements is enough for an initial enquiry.