Bank reconciliation is a critical financial control process that ensures your accounting records accurately reflect your actual bank account balances. This essential procedure involves comparing your bank statement transactions with the transactions recorded in Exacc, identifying any discrepancies and making necessary adjustments to achieve perfect alignment between both records.
Performing regular bank reconciliations helps detect errors such as duplicate entries, missed transactions, bank fees or unauthorised transactions. The process also identifies timing differences like deposits in transit and outstanding cheques that have not yet cleared the bank. These reconciliations are fundamental to maintaining accurate financial records and are required for proper month-end closing procedures.
Exacc streamlines the bank reconciliation process with automated transaction matching, visual difference tracking and comprehensive reconciliation reports. The system maintains a complete audit trail of all reconciliations, allowing you to review historical reconciliations and quickly identify when discrepancies first appeared. Monthly bank reconciliations are recommended as a minimum best practice for sound financial management.
Ready to reconcile your bank accounts? Follow our detailed guide below to perform a complete bank reconciliation with proper transaction matching and reporting.
Match your bank statement with Exacc records to ensure accurate financial reporting and detect any discrepancies
Your bank reconciliation is complete - your accounting records now accurately match your bank statement balance with all discrepancies resolved.