1. Identify the error or omission
There can be many reasons why your transaction records may not be perfectly reconciled, here are a few:- Omissions: Some transactions are recorded in your account statement but not in your Ledger, such as fees.
- Timing differences: Transactions are recorded in your account statement and Ledger but at different time periods.
- Errors: The wrong amount is recorded in your Ledger, differing from the account statement.
When identifying errors, it’s advisable to do this with an accounting or reconciliation officer.