Bank Reconciliation Overview

Bank reconciliation is a critical financial control process managed by the Ministry of Finance and Economic Development (MFED) to ensure accuracy and transparency in government financial operations. It involves comparing the government’s accounting records with the bank statements to identify and resolve any discrepancies.

Key Objectives:

• Ensure Accuracy: Confirm that all financial transactions recorded in the government’s ledger match the bank’s records.
• Improve Transparency: Maintain public trust through accurate reporting and timely reconciliation.
• Support Fiscal Discipline: Help identify errors, omissions, or unauthorized transactions early for corrective action.
• Enhance Financial Management: Provide reliable data for sound decision-making and audit readiness.

This process is conducted regularly across all government accounts to uphold the integrity of public finances and strengthen accountability in public financial management.