Account reconciliation – how to find why the bookkeeping does not agree
Reconciliation is one of the controls that helps identify missing, duplicated or incorrectly posted transactions before they become larger problems.
What is an account reconciliation?
A reconciliation compares a bookkeeping balance with another reliable source or supporting schedule. Begin by checking that dates, entities, currencies and report selections agree. BFN provides official guidance on bookkeeping and documentation.
BFN bookkeeping guidance (Swedish) →
Common reconciliations
- Bank accounts against bank statements
- Accounts receivable against the customer ledger
- Accounts payable against the supplier ledger
- VAT accounts against VAT reporting
- Tax account against the Swedish Tax Agency tax account
- Payroll-related liabilities against payroll reports
- Fixed assets against the fixed-asset register
When a difference appears
Work methodically: establish the date when the balance last agreed, narrow the period, compare opening and closing balances, look for missing or duplicated entries and document the correction. Avoid posting an unexplained balancing entry merely to make two figures match.
How often should accounts be reconciled?
The appropriate frequency depends on the account, transaction volume, risk and reporting needs. High-volume cash, bank, receivables, payables and payroll-related accounts normally need more frequent attention than low-activity balances.
Build a repeatable process
Use a reconciliation list with responsible person, frequency, source, status, difference and explanation. This makes month-end and year-end work more predictable and gives a clearer audit trail.
Official guidance
The Swedish Accounting Standards Board's bookkeeping guidance contains rules and commentary on ongoing bookkeeping, vouchers, archiving and system documentation.
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Sources and scope
General information, not an assessment of an individual engagement. The choice of roles and working methods is editorial guidance.