Accounting Basics
What is Bank Reconciliation?
Definition
Bank reconciliation is the process of matching your accounting records against your bank statement to identify discrepancies and ensure your books accurately reflect your actual bank balance.
Explained Simply
Reconciliation catches errors, unrecorded transactions, and potential fraud. Common differences include: outstanding cheques (issued but not yet cashed), deposits in transit, bank charges, interest, and direct debits you forgot to record. In South Africa, regular bank reconciliation is considered best practice and is often required during audits. Accounter simplifies this with automatic bank statement matching and a dedicated reconciliation view.
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