Overview
Bank reconciliation is the process of comparing Agatabo’s bank account balances with your actual bank statements to ensure they match. Differences indicate missing transactions, errors, or timing issues.Why Reconcile?
Benefits of monthly reconciliation:
- Catch data entry errors
- Identify missing transactions
- Detect unauthorized withdrawals
- Ensure financial accuracy
- Meet audit requirements
Reconciliation Process
1
Get bank statement
Obtain statement from your bank (paper or online)
2
Compare balances
Check if Agatabo balance matches bank statement balance
3
Identify differences
List transactions that appear in one system but not the other
4
Investigate discrepancies
Determine the cause of each difference
5
Make corrections
Record missing transactions or fix errors
6
Verify final balance
Confirm balances now match
Common Reconciliation Differences
Reconciliation Tips
Best practices:
- Reconcile monthly (at minimum)
- Keep physical bank statements for reference
- Document any adjustments you make
- Investigate all differences - don’t ignore small amounts
- Set up a regular schedule (e.g., first Monday of each month)
Need Help?
Bank Accounts Overview
Learn about bank account tracking
Common Errors
Troubleshooting guide