Bank Reconciliation

The foundation everything sits on

Reconciliation is matching what your software says against what actually happened in your bank account. Every other number depends on it — profit, GST position, and everything reported on your activity statement. When it is wrong, nothing announces the problem; the reports simply stop being true.

What we do

We match every transaction across all your accounts, check the coding and GST treatment rather than accepting the software's suggestion, and confirm the closing balance agrees with your statement exactly. A difference of four dollars matters as much as four hundred — it means something is unaccounted for, and two errors in opposite directions can nearly cancel out.

Where balances do not agree, we trace back to the last date they did and work forward until we find it.

Common causes we find

• Duplicates, where a transaction was entered manually and imported by the feed as well
• Suggested matches accepted against the wrong invoice
• Personal spending sitting in business expense categories
• Items parked permanently in a suspense or general account
• An incorrect opening balance carried from a previous system

Not sure whether this is what you need? We will tell you honestly — including when the answer is that you are managing fine without us. Get in touch for a free, no-obligation chat about your reconciliation.