Bank Reconciliation Services

What bank reconciliation means

Bank reconciliation compares the bank statement balance to the bank account in your general ledger and proves they match. Each statement line is matched to invoices, bills, payroll, transfers or manual journals. Any timing differences (like unpresented payments or deposits in transit) are listed and carried forward correctly.

• Why it matters: accurate cash, reliable GST and BAS figures, trustworthy management reports.
• Where it goes wrong: duplicated feed lines, coded transfers as income/expense, missing merchant fee splits, unallocated bank rules, stale outstanding items.

How this usually works

A good bank reconciliation process usually begins with a quick review of the current position. That means understanding the business structure, software, reporting cadence, current pain points and any deadline pressure already in play.

From there, the work normally splits into three layers: immediate triage, process design and ongoing review. Immediate triage deals with anything urgent. Process design cleans up how records move through the business. Ongoing review keeps the result stable over time.

1. Confirm bank and credit card accounts in scope and get file access.
2. Validate bank feeds against statements and identify gaps or duplicates.
3. Match transactions, apply bank rules, and attach documents where required.
4. Post adjustments for fees, interest, FX, and loan movements.
5. Clear inter‑account transfers and reconcile clearing/suspense accounts.
6. Produce reconciliation reports and an exceptions list.
7. Schedule the next cycle (daily/weekly/monthly) and set alerts around BAS.

Australian context to keep in view

• Bank feeds speed up coding but bank statements remain the source of truth.
• Complete bank reconciliation before BAS to avoid misstated GST or PAYG.
• Payment platforms (Stripe, PayPal, Square, Afterpay) need clearing account logic to avoid double counting.
• Multi‑currency needs realised/unrealised FX treatment and fee handling.

What to compare before you commit

Common reconciliation problems and fixes

• Duplicated feed lines — identify and void the duplicate, then re‑reconcile affected items.
• Transfers coded as income/expense — recode both sides to inter‑account transfers.
• Merchant payouts not split — reconcile gross sales, refunds and fees through a clearing account.
• Old outstanding items — investigate, write off properly, or reissue payments/receipts.
• Unbalanced suspense/clearing accounts — trace entries back to source transactions and close out.

Software workflows we support

• Xero — cash coding, bank rules, statement imports, reconciliation reports and attachments.
• MYOB — bank feed matching, rules, spend/receive money and bank rec reporting.
• QuickBooks Online — banking tab review, rules, bank statement imports and reconciliation history.

Regardless of platform, the goal is the same: a provable match between the statement and ledger, with clear documentation for auditors, lenders and the ATO.

Pricing drivers

• Transaction volume and number of accounts.
• Payment platforms (Stripe, PayPal, Square) and eCommerce connectors.
• Catch‑up months required and prior errors to unwind.
• Reporting deliverables and meeting frequency.

Many businesses choose a monthly plan for ongoing reconciliations plus a one‑off catch‑up fee to clear any backlog.

Best next steps

Write down the exact outcome you want first. For example, that might be cleaner books, a lodged BAS, more reliable payroll, better reporting, a software migration or a more strategic finance view.

Then shortlist providers against that outcome rather than against titles alone. The right fit is the one that can explain the process clearly, set expectations early and connect the work to the wider needs of the business.

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