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Bank reconciliation discrepancies

To ensure your accounts are accurate, you should reconcile your bank transactions against your bank statements. You should reconcile your bank account each time you receive a statement.

As you reconcile your bank transactions against your statement, the difference between your statement end balance and the reconciled balance reduces. Once you’ve matched all of your transactions, the difference should be zero.

If it’s not zero, there some things you need to check.

To go through the detailed steps in order, from Step 1 click More details then follow the wizard through. To return to the summary at any point, click Back to summary.

Step 1 Ensure the bank account is correct for the statement you’re reconciling. More details…
Step 2 Check the statement date matches your bank statement. More details…
Step 3 Check the statement end balance matches your bank statement. More details…
Step 4 Check you’ve matched the correct transactions for the correct values. More details…
Step 5 Ensure you’ve entered any bank interest or charges and they’re correct. More details…
Step 6 Check for missing transactions that appear on your bank statement but not in the Reconcile option. More details…
Step 7 If you’ve previously started a reconciliation and saved it for later, check the original details you entered are still correct. More details…
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