Matching every transaction in the books to the bank and card statements for the period, so the book balance and the bank balance agree and nothing is missing, duplicated, or miscoded.
An unreconciled month is a month you cannot trust. Reconciliation catches duplicate feeds, missing deposits, fraud, and fees, and it is the step that makes the profit and loss reliable enough to file from.
Monthly at minimum, when statements close. Businesses with heavy volume reconcile weekly. Once a year at tax time is how errors compound.
Source: IRS Publication 583
Last reviewed September 17, 2026. Tax rules change; confirm current law before acting.
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