ERP glossary · Accounts

What is Bank reconciliation?

Definition

Bank reconciliation is the process of matching the bank balance in a company's books with the bank's own statement and explaining any differences.

Typical differences are cheques not yet cleared, bank charges not yet booked and deposits in transit.

Bank reconciliation in IndustryX

IndustryX supports bank accounts, receipts and payments on every plan, and the Industrial plan adds audit trails on bank entries.

Free forever* for 2 users. Upgrade when you grow, and your data comes with you.