What is bank reconciliation?

Bank reconciliation is an important part of bookkeeping that compares the cash activity in your accounting records to the transactions on your bank statement. To save time on this process, connect your Reckon One account to your bank, and all your transactions flow in to Reckon One automatically, ready for you to reconcile.

What is bank reconciliation?
Bank Reconciliation Connect Business To Banks

Connect your small business to major banks

We have a direct connection to most major banks in Australia including Commonwealth, Westpac, ANZ, NAB, St George, BOQ and more. Setting up the connection is easy and only takes a few clicks! Once connected, the transactions from your bank statements flow into Reckon One,  saving you hours and giving you back time to focus on your business!

Handles complex transactions like a charm

Feel like a bank reconciliation pro from the get-go. BankData makes it easy to split amounts into separate bank accounts. Plus, the bank reconciliation learns from you over time, making it perfect for small business owners managing recurring transactions and regular clients.

Handles complex transactions like a charm.  Feel like a bank reconciliation pro from the get-go. BankData makes it easy to split amounts into separate accounts, and has many other tricks up its sleeve too.

Get started for just $24/month

We scale our pricing per feature, not on the number of users, which allows you to grow your business with confidence.

* Terms & Conditions apply: Transactions that exceed the 1000 limit will be subject to the BankData Fair Use Policy

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Frequently asked questions

How do I do bank reconciliations in Reckon One?

Reconciling transactions in Reckon One is easy! Watch our instruction video here for a step by step guide on the reconciliation process including matching up the transactions on your bank statement and bank statement balance to your Reckon One account.

Why do I need to do bank reconciliations?

 1. Give you a clear picture of your cash flow 

Bank reconciliation keeps your financial status up to date so you always have sufficient funds and don’t end up spending money you don’t have. The process matches up the records in your accounting software and what’s in your bank accounts, cash account, credit card statements etc so you get an accurate picture of your company’s cash flow and can make more informed decisions for your business.

2. Prevents errors and fraud and unnecessary charges

By implementing a regular process to look over your cash balances and financial records you can actively pick up bank errors, fraud and other mistakes that could be costly to your business. You are also alerted to bank fees, bank service fees or bank charges that may be preventable in the future.

3. Stay on top of unpaid invoices

By doing a bank reconciliation you can do a double check on your books and ensure there are no major discrepancies better your balance sheet and your bank account balance.

How often should I do bank reconciliations?

How often you should reconcile your bank statements is entirely dependent on your business type and volume of transactions.

Businesses with a high volume of transactions such as those in the retail or hospitality industry might reconcile on a daily basis. This is to ensure their financial records match up and to keep their processes manageable.

If your business does a smaller amount of transactions you could easily reconcile on a weekly or monthly basis.

How do I check a bank reconciliation statement in Reckon One?

To view a bank reconciliation statement once completed, follow the steps found in our help guide here.

Try our automatic bank reconciliation today, for free!

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