Any good bookkeeper will tell you that ideally you should reconcile your bank statement on a monthly basis. Too often, people check their bank balance and don’t realise it’s not an accurate picture of their financial position. Without bank reconciliation, it’s much harder to know how much cash is available in your account. So by comparing your list of transactions to the bank statement, you can make sure that your records and the bank agree on the transactions that have been processed.
And let’s not forget, even your Bank can make mistakes, so by reconciling your statement, you can catch any errors quickly and get them sorted!