Bank and Cards Reconciliation
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Bank and card reconciliation is a crucial process for any business that deals with finances. It involves matching the records of transactions in a company’s financial records with those on the bank or credit card statements. This is done to ensure that
there are no discrepancies or errors in the records, which could result in lost income or incorrect tax filings.
Bank and card reconciliation is important because it provides accurate information about a company’s financial health. It ensures that all transactions have been recorded correctly, which is necessary for financial reporting and tax purposes. It also helps to identify any fraudulent activity or errors that could have been made, so that they can be corrected in a timely manner.
Outsourcing bank and card reconciliation services to a professional firm like BusAcTa Advisors can provide numerous benefits to a business. These include freeing up valuable time for business owners and staff to focus on core business operations, ensuring that financial records are accurate and up-to-date, and avoiding potential fines and penalties from incorrect tax filings.
A Step-by-Step Guide to Performing Bank Reconciliation
Step 1
Gather Bank Statements
The first step in bank reconciliation is to gather the company's bank statements for the period being reconciled. This includes both the beginning and ending balances, as well as any transactions that occurred during that time.
Step 2
Gather Financial Records
The next step is to gather the company's financial records for the same period, including cash receipts, cash disbursements, and any other transactions that may have affected the bank account.
Step 3
Compare Balances
The next step is to compare the ending balance on the bank statement with the ending balance in the company's financial records. If the two balances are not the same, there may be an error in the records that needs to be identified and corrected.
Step 4
Identify and Investigate Differences
If there are any differences between the bank statement and the company's financial records, they need to be investigated. This includes reviewing each transaction to ensure that it was recorded correctly and identifying any errors or omissions.
Step 5
Adjust Records
Once any discrepancies have been identified, they need to be adjusted in the company's financial records. This includes making any necessary entries to correct errors, reconcile transactions, or record any missing transactions.
Step 6
Reconcile Accounts
Once all adjustments have been made, the bank account can be reconciled. This involves comparing the adjusted balance in the company's financial records with the ending balance on the bank statement. If the two balances are now in agreement, the bank account is considered reconciled.
Step 7
Document the Reconciliation
The final step is to document the bank reconciliation process. This includes preparing a reconciliation report that summarizes the process, identifies any discrepancies, and documents any adjustments made to the company's financial records.
Outsourcing bank reconciliation to experienced professionals like BusAcTa Advisors can ensure that companies’ financial records are accurate and up-to-date, preventing errors and fraud. In addition to efficient and accurate bank reconciliation, businesses can benefit from our expertise in financial management, allowing them to make more informed decisions based on accurate financial data. Our team provides personalized support and customized solutions to meet the unique needs of each business. Contact us today to learn how we can help you with your bank and card reconciliation needs.

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