Bank Statement Closing & Finalization

Review all statement lines, the reconciliation summary, outstanding items and the linked bank account before finalizing.

1. 1
   Open the statement summary and compare the statement balances and matched items with the bank's record.
2. 2
   Review unmatched or partly matched lines and resolve the items the statement summary flags before closing.
3. 3
   Review every unmatched or partly matched line and compare the ending balance with the bank's statement.
4. 4
   Close the statement only after review. An authorized reopen action exists for corrections; inspect the resulting status and audit history.
5. 5
   After closing, reopen the statement and keep its final summary with the reconciliation workpaper.

Closing records Finance's review of the statement. An incorrect match can make the audit trail misleading.

Closing changes the statement to its reconciled state when validation passes. It does not automatically close an accounting period or generate a statutory audit certificate.

WARNING: Closing marks the reconciliation reviewed. Reopen for a correction through the supported action and document why.

Use the summary's unresolved lines and difference to identify the missing match or adjustment.

If closing is blocked, resolve the named line or balance difference rather than adding a balancing adjustment without evidence.