Bank reconciliation is a very important concept in accounting. The concept of bank reconciliation is based on the comparison and verification of the accounting data of the company with the data that the bank has on our income and expenses in treasury. It is done with the maximum objective of being able to balance the accounts of our company and those of the bank, to have the most real image of the situation of the company.
Really knowing the situation of the company is essential to make day-to-day decisions. This is because if we work with wrong information we can make wrong decisions for the operation of the company.
Although it may seem very complicated, performing a bank reconciliation is quite simple. We have to bear in mind that on the one hand the company, and on the other hand, the bank, carry out their own accounting of movements. Therefore, the company, every week, 15 days or 1 month, asks the bank for the "account statement" to see if the movements and balances coincide. It should be noted that the less time that elapses between one reconciliation and the next, the less chance there are of errors in our accounting.
Know everything you need to know about banking conciliación, its characteristics, types and how it is done.
Template to carry out bank reconciliation