Bank Reconciliation for Winnipeg Businesses

Include every account that moves money

We establish a register of operating and savings accounts, credit cards, loans and payment clearing accounts. Each needs a clear owner and complete statements. Transfers are connected at both ends so moving funds between accounts does not create false income or expenses. Separate currency accounts retain their own supporting records.

Investigate timing without hiding errors

Outstanding cheques, unsettled card batches and deposits in transit can explain a legitimate difference. A duplicated import, missing withdrawal or misdated transaction requires a correction. We document the distinction, check that older outstanding items eventually clear and refer unexplained entries to the responsible person rather than carrying them forward indefinitely.

Illustrative example: month-end merchant settlement

A shop records a $3,600 card batch on the final trading day. The processor deducts $72 and pays $3,528 into the bank in the next month. The reconciliation connects sales, fee and settlement timing. It does not reduce recorded sales to the smaller deposit or create another sale when the bank receives it.

Use reconciliation to support the whole close

Confirmed cash balances provide a foundation for supplier payments, customer collection reviews and tax-account checks. We can also identify recurring fees or subscriptions that need attention. The final package records the statement date, reconciled balance and any unresolved matters, giving the owner and year-end adviser a clear trail back to the source documents.

Questions about this work

Put this into practice

• Retail settlement records →
• Resolve older differences →
• Complete the monthly close →