Bank Statements for Bank Reconciliation: The Challenge
Monthly bank reconciliation requires matching every bank transaction against your accounting records. Working from PDF statements makes this slow and error-prone.
How BankScan AI Helps with Bank Reconciliation
Convert bank statement PDFs to Excel for fast side-by-side reconciliation with your accounting records. Sort by date, filter by amount, and spot discrepancies instantly.
How It Works
Upload your bank statement PDF
Supports all major banks. Monthly, covering one calendar month per reconciliation cycle; year-end reconciliation covers the full 12-month period of statements? No problem.
AI extracts every transaction
Our AI pulls out dates, descriptions, amounts, and balances — the Every transaction with date, description, and amount; openin you need.
Use for bank reconciliation
Download a clean Excel or CSV file formatted for bank reconciliation. Transactions in exact chronological order with running balance, matching the bank's own running total; amounts must reconcile to the penny against the nominal ledger
Supported Banks
BankScan AI works with all major UK and US banks, including:
Why BankScan AI for Bank Reconciliation
- Built for Bank Reconciliation — Convert bank statement PDFs to Excel for fast side-by-side reconciliation with your accounting records. Sort by date, filter by amount, and spot discrepancies instantly.
- Key data extracted — Every transaction with date, description, and amount; opening and closing balances; uncleared cheques, pending deposits, and timing differences
- Deadline ready — Best practice is to reconcile within 5 working days of month-end; delays compound and make year-end reconciliation significantly harder
Legal & Regulatory Context
Bank statements for bank reconciliation are typically required under: No specific statute, but FRS 102 and Companies Act 2006 require accurate financial records; auditors test bank reconciliations as a core audit procedure under ISA 500
- Typical timeframe: Monthly, covering one calendar month per reconciliation cycle; year-end reconciliation covers the full 12-month period
- Required by: Internal finance team, bookkeeper, or accountant responsible for maintaining accurate accounting records and detecting errors or fraud
What Data You Need for Bank Reconciliation
When preparing bank statements for bank reconciliation, these are the key data points Internal finance team, bookkeeper, or accountant responsible for maintaining accurate accounting records and detecting errors or fraud look for:
- Every — Every transaction with date
- description — description
- and — and amount; opening and closing balances; uncleared cheques
- pending — pending deposits
- and — and timing differences
Formatting Your Statements for Bank Reconciliation
Getting bank statements right for bank reconciliation requires attention to specific formatting requirements:
- Transactions in exact chronological order with running balance, matching the bank's own running total; amounts must reconcile to the penny against the nominal ledger
- Deadline pressure: Best practice is to reconcile within 5 working days of month-end; delays compound and make year-end reconciliation significantly harder
Prepare Statements for Bank Reconciliation — Fast
Best practice is to reconcile within 5 working days of month-end; delays compound and make year-end reconciliation significantly harder
Convert for Bank Reconciliation — Free