Bank reconciliation in DNB Regnskap
Here you'll find a simple explanation of what bank reconciliation is, why it's important – and how the accounting system DNB Regnskap makes bank reconciliation easier.
What is bank reconciliation – and why is it Important?
Bank reconciliation is about verifying that the accounts match the transactions that have actually occurred in the bank account. All incoming and outgoing payments that have been registered in the bank must also be recognised and marked as paid in the accounts. If there are any discrepancies, it means that something is missing or has been incorrectly recognised in the accounts.
For private limited companies, bank reconciliation is a requirement, and for all businesses it's an important part of ensuring accurate figures, good control and a sound basis for reporting and year-end closing. Recommended practice is to reconcile regularly, for example at the end of each month, so that errors are discovered early and don't accumulate over time.
How DNB Regnskap can help you with bank reconciliation
