Bank reconciliation

Bank reconciliation compares the movements on the bank account with the documents in the accounts: each incoming payment should correspond to an issued invoice, each outgoing payment to a received invoice, a payroll run, a tax payment or a documented expense. Anything left unmatched is either a missing document or an error, and the reconciliation is finished when both sides agree.

Traditionally this was a month-end exercise with printed statements; with bank feeds it becomes continuous. Software matches transactions by amount, date, counterparty IBAN and the payment reference, learns from previous matches and flags what it cannot resolve. The result is an accurate list of paid and unpaid invoices, which feeds reminders and cash-flow views. Kontevia connects to the bank through open banking and proposes matches for every new transaction.