The foundation of effective reconciliation lies in well-organized data. Start by converting your bank statement and accounting system records into Excel format if they are in CSV or another file type.

A bank reconciliation statement is a summary of banking activity, supplied so that accountholders can check for errors or omissions in their internal records.

Let's say during Company ABC's quarterly account reconciliation process, it notices a discrepancy between its ledger balance of $10,500 and the bank statement showing $10,200.