Prepare the records
Confirm the bank account, currency, period and opening balance. Obtain the complete statement rather than selected screenshots. Export the ledger for the same account and dates, then preserve the unedited inputs.
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Review old outstanding items
Create a list containing the original date, amount, reference and expected clearance. Check the following statement for clearance. An outstanding item repeated month after month needs fresh investigation, not automatic rollover.
Look at duplicate amounts, same-day transfers and reversed payments. Amount-only matching may attach a bank receipt to the wrong invoice. Use references and supporting records where possible.
Do not hide a difference
An unexplained amount remains an exception until evidence resolves it. A miscellaneous entry may make the total match while leaving the actual error in place.
Keep the reviewer's notes and the correction reference beside the reconciliation. If opening balances are unreliable, agree a separate reconstruction process before claiming the current month is reconciled.
Worked example
A match total is a first check
Fictional statement has LKR 310,000 receipts. Ledger receipts matched to statement total LKR 298,000; one LKR 12,000 bank receipt remains unmatched.
- Unmatched statement receiptsInvestigate the LKR 12,000 reference.
- LKR 12,000.00
The check identifies an unmatched receipt. It does not decide whether the receipt is sales, a transfer, a refund or another category.
Frequently asked questions
Can a matching closing balance still contain errors?
Yes. Offset errors or incorrect classifications can leave the balance unchanged. Review transaction evidence as well as totals.
Should old cheques stay outstanding forever?
No. Investigate their status, banking treatment and underlying obligation with the appropriate reviewer before changing records.
Sources and limits
The checklist describes operational controls and does not determine cheque validity, legal obligations or audit assurance.
- Finance Desk LK — current service scope
Current service boundaries. Confirm the work, exclusions and quotation in writing before an engagement begins.
Accessed: 2026-10-08