1. Start with a complete statement
Download a PDF, CSV or OFX statement for the business account. Choose a full month, including the opening and closing balances. If you are catching up, work through the months in order. A CSV or OFX export can be easier to check line by line; keep the official PDF as a supporting record when your bank provides one.
2. Check what actually happened
Look at the first and last balances and make sure every imported amount has the right sign. An incoming client payment should increase the balance; a bank fee should reduce it. If a line is missing or repeated, fix the import before using the totals. LedgerMate checks running balances where the statement provides them and highlights lines that need review.
3. Give each movement a reason
Categorise costs such as software, fuel and bank fees, then review the category before saving. A transfer between your own accounts is not a sale or a business expense. Money you take out for yourself should be recorded separately from a business cost. Keep receipts and supplier tax invoices so you can explain the transactions later.
4. Match payments and find the gaps
Compare customer deposits with the invoices you issued. Check whether an invoice is paid, partly paid or still due. Make a short list of transactions without a category, missing receipts and invoices awaiting payment. Those are the useful next actions; a single balance does not tell the whole story.
5. Review before tax time
A bank statement records cash movement, but it cannot by itself prove a VAT claim or determine your final tax liability. Review your business profile, supporting invoices and any adjustments with a qualified tax practitioner before filing. LedgerMate provides traceable estimates to help you prepare; it does not submit returns to SARS.
Ready to try it? See how bank statement imports work, or create a free workspace.