Finance
Bank reconciliation
Formal definition
Bank reconciliation is a charity finance term for maintaining accurate and balanced financial records through consistent transaction tagging and account reconciliation.
What this actually means for you
Use Bank reconciliation to guide live decisions: match bank statements to ledger entries, clear old debtors, and record prepayments before month-end closure, with ownership and reporting agreed at month-end and before trustee reporting cycles.
Example: At the next review checkpoint, Bank reconciliation is used in practice like this: the finance officer reconciles the main operating account weekly and flags any unallocated credits for manual review. Accountabilities are captured in team templates, reporting packs, and operating checklists.
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