How to Identify and Resolve Discrepancies in Bank Reconciliation

Step 1: Use a Reconciliation Tool or Spreadsheet

Load your bank transactions and GL/payment records side by side in:

• ERP system reconciliation module (SAP, Oracle, etc.)

• A reconciliation tool (BlackLine, Trintech)

• A manual Excel tracker

Step 2: Match Transactions

Try to match transactions based on:

• Date

• Amount

• Reference or check numbers

• Description (narrative or remarks)

Mark unmatched or partially matched items for review.

Step 3: Filter for Common Flags

Look for:

• Differences in amounts (e.g., $5,000 vs $5,050)

• Transactions on bank statement missing in GL (or vice versa)

• Date mismatches beyond a defined tolerance (e.g., ±3 days)