Bookkeeping - Reconciliations

A bank reconciliation statement is a means of making sure that your financial records agree with those kept by your financial institution. A bank reconciliation also ascertains the right balance in your bank account after adjusting for transactions such as cheques not yet presented and deposits not yet banked.

Bank reconciliation statement processes and tips

You should have recorded in your cash books all amounts you've actually received and payments you've actually made. However, the cash books may be incomplete as your bank may have put extra transactions through your account, such as:

• Bank fees or interest charges, or

• Direct debits (payments) and

• Direct credits (receipts).

Doing regular bank reconciliations will allow you to:

• Take into account any extra transactions your bank puts through your account, and

• Check and record any errors or omissions.

By regularly doing a bank reconciliation (say monthly), you can be more confident that your records contain all the information you need to accurately prepare your income tax return and activity statements. Regularly doing a bank reconciliation can also reduce the time it takes your tax agent or accountant  to prepare your income tax return or activity statements. We recommend that you regularly bank all the money your business receives. You should also check with your bank or financial institution to see if you can access your bank statements electronically through your bank's secure website as this will allow you to conveniently access your banking transactions and other information.

For advice or more information on reconciliations, bookkeeping or any business accounting requirements contact the accountants at The Quinn Group now by submitting an online enquiry form or call 1300 QUINNS or on +61 2 9223 9166.

For more detailed information on our bookkeeping services, visit our dedicated website All Bookkeeping Solutions.

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As both a legal and accounting firm The Quinn Group are able to offer business legal and accounting services in one location. Visit our Business Legal Services page to see our range of legal services available to your business.

You may also like to visit our  Business Accounting Services page for more information on the wide range of Accounting Services that The Quinn Group can provide to your business.

View all our office locations to find The Quinn Group office nearest you, or call us on

1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.

Whilst we have 5 offices located in Sydney, we are also able to meet you at location convenient for you. Additionally, we have web and teleconferencing available for regional, interstate or international clients.