How to Perform Bank Reconciliations
The best way to perform bank reconciliation is to sit down with your business records and bank records for the specified accounting period. Your business records could be your accounting ledgers, journals, or accounting software you use to track your income and outgoings.
Learn more about how to perform a bank reconciliation here.
Once they are side by side, you can systematically go through each transaction to ensure everything matches. Always examine your end balance last, as this will be your starting point for reconciling the next accounting period. Bank reconciliation accounting should only take a few hours at most each fiscal period, as long as your record keeping is up to date and accurate.
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