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Bank Reconciliation Step-by-Step

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Reconcile accounts with confidence.

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Guide me through a bank reconciliation. Statement balance at month end: [STATEMENT_BALANCE]. Ledger balance: [LEDGER_BALANCE]. List of transactions in the ledger not on the statement, and lines on the statement not in the ledger: [DIFFERENCES].

Walk through the steps in order: confirm the opening balances agree with last month's closing; tick off matched items; list unmatched items on each side; classify them (timing difference, bank fee or interest not yet recorded, error, missing entry); compute: statement balance + outstanding deposits - outstanding payments = adjusted bank balance; ledger balance + unrecorded receipts - unrecorded payments = adjusted ledger balance; and check that the two adjusted balances agree.

Show the full arithmetic using my numbers. List the entries I need to record and any items that still need investigation, with the first thing to check. Include a one-page reconciliation template, and the sign-off line (prepared by, reviewed by, date). Do not invent transactions.

The numbers you produce are estimates drawn only from my inputs, so say so wherever you state them. None of this should be taken as accounting, tax, legal or investment advice. Ask someone qualified, such as an accountant or financial adviser who knows [JURISDICTION], to confirm the output first.

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Statement balance 18,420. Ledger balance 17,980.
Outstanding payments (in ledger, not on statement): cheque 6012 for 640; cheque 6015 for 275. Total 915.
Outstanding deposit: 1,200 banked on 30 June.
Adjusted bank balance = 18,420 + 1,200 - 915 = 18,705.
Unrecorded in ledger: bank fee 35 and interest received 12; direct debit 790 (insurance).
Adjusted ledger = 17,980 - 35 + 12 - 790 = 17,167. This does not agree with the adjusted bank balance of 18,705; difference 1,538.
Likely cause: a customer receipt of 1,538 recorded twice? Check first transposed digits (1,583 vs 1,538) and duplicates.
Ask: find the entry of 1,538 or 1,583 in the ledger and compare to the statement. Do not post until resolved.

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