What You Get :
- Monthly transaction log with Date, Description, Reference, Debit, Credit and
Running Balance - Running Balance formula auto-updates with every entry
- Matched/Unmatched flags to identify outstanding or disputed transactions
- Category column for GST and income categorisation
- Reconciliation Summary row – total debits, total credits, closing balance
- Instructions tab for first-time users included
Who It’s For :
Any sole trader who wants to stay on top of their accounts without a bookkeeper especially useful before quarterly BAS lodgements and at year-end tax time.
ATO / Compliance Note :
The ATO requires sole traders to keep financial records for 5 years. Bank
reconciliation is the process of matching your accounting records to your bank
statement, it catches errors, unrecorded income, and duplicate expenses.
Sole App’s Smart Matching feature automates this in-app.
Frequently Asked Questions
What does it mean to reconcile a bank account?
Bank reconciliation is the process of comparing the transactions recorded in your accounting records with the transactions shown on your bank statement. The goal is to ensure both records match and that your financial information is accurate.
How often should I reconcile my bank account?
Most small businesses should reconcile their bank accounts at least once a month. Regular reconciliation helps identify errors early, keeps records up to date, and makes preparing BAS and tax obligations much easier.
What should I do if my bank balance does not match my records?
If your balances do not match, review your records for missing transactions, duplicate entries, bank fees, interest payments, or timing differences. Identifying and correcting discrepancies promptly helps maintain accurate financial records.
Why is bank reconciliation important for small businesses?
Regular bank reconciliation helps detect errors, prevent fraud, improve cash flow visibility, and ensure that financial reports accurately reflect the business’s true financial position.
Can bank reconciliation help with BAS and tax preparation?
Yes. Keeping your accounts reconciled throughout the year makes BAS preparation, tax reporting, and end-of-year accounting much simpler by ensuring your income and expenses are recorded accurately.