Cash accounts reconciled with bank statement.
Inventory and fixed assets are reconciled by physical count.
If we find a discrepancy, you can rest assured that we will work closely with management to determine the cause and find a workable solution.
The account reconciliation starts after the close of the financial period. A company will check their internal accounting statements to the bank statement looking for discrepancies. Balance sheet reconciliation is performed monthly, quarterly or at the end of the year.
A bank reconciliation is sometimes thought of as a formula. The bank reconciliation is complete, when the account reconciliation formula matches the bank statement
(Cash account balance on your records) plus or minus (reconciling items) = Bank statement balance