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Bank reconciliation is the process of comparing the bank balance in your books with the balance on your bank statement, and explaining every difference. It protects you from missed entries, double payments and fraud.
Why books and bank differ
Differences are usually timing-related:
- Cheques issued but not yet cleared – recorded in your books, not yet debited by the bank.
- Deposits in transit – cheques or cash recorded in your books but not yet credited by the bank.
- Bank charges and interest – debited or credited by the bank before you record them.
- Errors – a wrongly keyed amount or a duplicate entry.
Step-by-step
- Take the closing balance from your bank statement for the date.
- Add deposits recorded in your books but not yet shown by the bank.
- Subtract cheques and payments recorded in your books but not yet cleared.
- The result should equal the balance in your books. If not, look for errors or unrecorded charges.
- Record any bank charges or interest in your books, then repeat.
Example
| Item | Amount |
|---|---|
| Balance per bank statement | 50,000 |
| Add: deposit in transit | 8,000 |
| Less: uncleared cheque | (3,000) |
| Adjusted bank balance | 55,000 |
| Balance per books | 55,000 |
Both sides agree, so the account is reconciled.
How often?
At least monthly, and weekly if you handle many transactions. Onyx Bills includes a bank reconciliation report comparing book and passbook balances, with uncleared cheques and deposits and detailed statements.
Frequently asked questions
What is the difference between a bank statement and a passbook?
They show the same information. A passbook is a printed record kept by the customer; a statement is issued periodically, often electronically.
What should I do with a difference I cannot explain?
Check for duplicates and transposed digits first, then for payments or receipts you have not recorded. If it remains, ask your bank for transaction details.
Is reconciliation only for bank accounts?
No. You can also reconcile payment platforms, credit cards and supplier statements.
Related reading
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