Five checks before you reconcile a bank statement

Most reconciliation pain starts with a statement that wasn’t complete or wasn’t read correctly. Run these checks first.

1. Does the period match?

Check the from and to dates match the month you are reconciling, and that the previous statement ends where this one begins.

2. Do the balances add up?

Opening balance, plus money in, minus money out, should equal the closing balance. If it doesn’t, a line is missing or misread.

3. Is it the right account?

Confirm the last four digits of the account number and the currency, especially if you have several accounts at one bank.

4. Are there gaps or duplicates?

Scan for missing pages and for the same transaction appearing twice at a page break.

5. Do the descriptions make sense?

Look for lines that were cut off or merged. These are the ones that won’t match a bill later.