The banking app and account 514 can differ without either being wrong. Reconciliation explains, line by line, the difference between a dated external source and accounting entries. It never means posting a “bank difference expense” to force agreement.
The reconciliation pack
- Complete dated statement.
- Bank ledger for the same period.
- Reconciled opening balance.
- Lines matched individually.
- Outstanding operations evidenced.
- Errors and fees to post.
- Reconciled balance, review and signature.
1. Align both sources
Choose one date, bank account and currency. Confirm opening balance carries prior reconciliation and no statement page is missing.
| Bank source | Accounting source |
|---|---|
| value/operation date | entry date and evidence |
| bank description | description and party |
| bank-account debit | account 514 credit |
| bank-account credit | account 514 debit |
| external balance | ledger balance |
Perspective reverses: what the bank calls credit raises your funds and generally debits your accounting bank account.
2. Match, then classify differences
Tick only where amount, nature and reference agree. Group the remainder by cause.
- Match certain movements.
- List issued cheques not debited.
- List deposits/transfers not yet credited.
- Identify unposted fees, interest and debits.
- Identify ledger entries absent from statement.
- Find duplicate, amount or account errors.
- Prepare supported entries needed.
An outstanding item stays open until appearance or supported cancellation; it cannot age forever.
3. Reconstruct one balance
A template starts from statement balance, adjusts timing items to reach corrected ledger balance, or the reverse. Keep convention constant; each line has date, amount, reference and status.
| Difference | Action |
|---|---|
| Outstanding cheque | track, then investigate ageing |
| Deposit in transit | link slip and later credit |
| Bank fee | obtain advice and post |
| Bank error | claim and track without altering evidence |
| Accounting error | correct with traceable entry |
| Unknown transfer | identify before classification |
After entries, the reconciled total reaches the ledger; remaining differences are supported timing items only.
A timing item must eventually unwind
A cheque or deposit open for months is no longer enough explanation. Set an ageing alert and investigate loss, cancellation, rejection or error.
4. Connect card and sales without skipping a step
A card processor may combine days and settle net of commission. Reconcile gross transactions to sales first, then processor receivable, fee and bank settlement.
- Sales: gross customer amount
- Processor batch: grouped transactions
- Commission: documented expense
- Net settlement: bank movement
- Retention/reversal: separately explained line
BelloPOS Pro imports the statement (CSV, OFX or CAMT.053), ticks the lines and letters invoices against the payment that settles them, alongside the recorded sales and tenders. The card processor statement and your accountant’s sign-off remain the other sides of the control.
Mistakes to avoid
- Comparing different dates.
- Matching equal amounts without reference.
- Posting net card settlement as sales.
- Forcing a difference account.
- Rolling old items.
- Leaving reconciliation unsigned.
Frequently asked questions
How often should reconciliation happen?
At least monthly in practice, more often for high-volume or higher-risk retail.
Why do debits/credits look reversed?
The statement uses the bank’s perspective; account 514 uses the enterprise’s.
What is an outstanding item?
A supported recorded operation not yet appearing on the statement at cut-off.
How are bank fees handled?
Obtain statement/advice, analyse nature and post the validated entry; this is not timing only.
Does BelloPOS reconcile the account?
Since 3.0, yes: bank reconciliation is a Pro module that imports the statement as CSV, OFX or CAMT.053 and letters settlements. The card processor statement and the period close still need your accountant.
What to take away
Reconciliation is done when every line is matched, posted or supported as dated timing, and corrected balance reaches the ledger with signed review.
Sources
The figures and rules quoted above come from these pages, read on the date given in the article.
- Ministry of Justice, Commercial Code, read 30 August 2026
- Ministry of Economy and Finance, General Code of Accounting Standardisation, read 1 September 2026
Connect payments to settlements
Separate tenders and retain batches to explain every bank credit.
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