Bank Reconciliation

Account reconciliation is a crucial part of every company's accounting process, and helps to ensure that

The general idea of reconciliation is to compare two sets of data and check whether the entries in one dataset equal the entries in the other.

When it comes to account reconciliation, you’re comparing two financial records and want to confirm they are consistent and complete so that only correct values are reported in the general ledger. Discrepancies will uncover mistakes from simple errors through to fraudulent activities.

This workflow performs one specific type of account reconciliation: bank reconciliation. It’s one of the most popular types of account reconciliation and compares the company’s internally recorded transactions, e.g. in the cash book with transactions recorded externally, e.g. bank statements provided by the bank.

The workflow uses example data available on Kaggle.

Read more on the topic Bank Reconciliation on the KNIME Blog: https://www.knime.com/blog/knime-finance-bank-reconciliation

URL: Kaggle dataset https://www.kaggle.com/datasets/fozianazar/bank-reconciliation-statement
URL: KNIME Blog: Bank Reconciliation https://www.knime.com/blog/knime-finance-bank-reconciliation

Bank Reconciliation

Step 1:

Step 2:

Step 3-1:

Step 3-2:

Step 4:

Bank Reconciliation

Bank Reconciliation

Step 1:

Step 2:

Step 3-1:

Step 3-2:

Step 4:

Nodes

Extensions

Links

Download