Bank reconciliation
Bank reconciliation matches your accounting records against your bank statement, line by line, so the two agree and nothing is missing or double-counted.
A bank reconciliation is the check that your own records and your bank statement tell the same story — every deposit, payment, and fee on the statement matched to an entry in the books, with any difference explained.
How it works
- Line up each transaction in your ledger against the matching line on the bank statement.
- Tick off the pairs that agree.
- What’s left over is the work: a payment that hasn’t cleared yet, a bank fee you didn’t record, a duplicate, or an error.
Done well, the ending balance in your books equals the bank’s, and every gap between them has a name.
Why it matters
Unreconciled accounts hide the expensive stuff — a failed payout that never landed, a double charge, a fee that quietly grew. The longer the gap runs, the harder it is to find which month it started in. For a platform moving money on behalf of others, an unreconciled book isn’t just untidy; it means you can’t say for certain whose money is where.
How Fynex does it
Fynex reconciles continuously rather than in a month-end scramble: every payment and payout posts back to the books as a journal entry with a confidence signal, so an unmatched transaction stands out instead of getting buried. See reconciliation.