Bank statement guide
How to read a bank statement
Bank statement layouts vary, but the financial information follows the same basic structure. Read the period and account first, then use the opening and closing balances to verify the activity in between.
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Start with the account and statement period
Confirm the account type, account identifier and statement start and end dates. This determines the exact activity that should be included in your accounting records.
A transaction date can differ from the date it clears. Keep that distinction in mind when matching a statement to invoices, receipts or a bookkeeping period.
Read each transaction row
Most rows include a date, description or merchant, reference number, money in, money out and a running balance. Some banks split deposits and withdrawals into separate sections.
Descriptions are bank-provided clues, not accounting categories. Review ambiguous descriptions before classifying an expense or income item.
Use the balance equation
The opening balance plus all credits minus all debits should equal the closing balance. This is the fastest way to spot a missing, duplicated or incorrectly signed transaction.
StatementBee checks this relationship after extracting a PDF and flags results that need review. Always retain the original statement as the source of record.
Convert without sending out the statement.
Export Excel, CSV, QBO, QIF or OFX and check the balance before you download.