Handling your Bank and Credit Card Reconciliation is essential for keeping your finances accurate and up-to-date. Below, we’ve outlined key tasks tailored to match your records, detect discrepancies, and ensure financial clarity, all to help us manage your accounts effectively.

• Transaction Matching: Comparing bank and credit card statements with accounting records to ensure all transactions align accurately.
• Discrepancy Identification: Identifying and investigating any differences between bank/credit card statements and internal records, such as missing or duplicate transactions.
• Transaction Categorisation: Assigning transactions to appropriate general ledger accounts within the accounting software for accurate financial reporting.
• Bank Feed Integration: Setting up and managing bank feeds in accounting platforms (Xero) to automatically import transactions for efficient reconciliation.
• Clearing Outstanding Transactions: Resolving uncleared cheques, deposits, or pending transactions to ensure records are up-to-date.
• Adjusting Journal Entries: Recording necessary adjustments (e.g., bank fees, interest, or errors) in the accounting software to correct discrepancies.
• Data Entry for Manual Transactions: Entering transactions not captured by bank feeds, such as cash payments or manual cheque, into the accounting system.
• Regular Reconciliation Scheduling: Performing monthly, weekly, or custom-scheduled reconciliations to maintain consistent and accurate financial records.
• Fraud and Error Detection: Reviewing statements for unusual or suspicious transactions to ensure financial integrity and alert clients to potential issues.
• Client Collaboration and Review: Working with clients to verify unclear transactions or obtain additional documentation for accurate reconciliation.