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Bank reconciliation in Canada: how it runs
LedgerBPO's bank reconciliation services Canada businesses depend on match every bank and credit-card statement line to your ledger inside QuickBooks Online, Xero, Sage 50 or Wave, every month or every week. A named dedicated accountant clears cheques, Interac e-transfers and CRA direct-deposit items, and a second reviewer signs off before you see the report.
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What it covers
LedgerBPO's bank reconciliation services Canada businesses depend on match every bank and credit-card statement line to your ledger inside QuickBooks Online, Xero, Sage 50 or Wave, every month or every week. A named dedicated accountant clears cheques, Interac e-transfers and CRA direct-deposit items, and a second reviewer signs off before you see the report.
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What you get
Every bank and card account reconciled monthly, or weekly if you prefer
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How it runs
Zero unreconciled items older than 30 days is the standard we work to
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What you see
Differences explained in plain English, never buried in a plug entry
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A named accountant, a backup and a team lead
Inside your own software, on a fixed close calendar, with a reply from a person within 1 business day. Call +1-657-777-0006 or start a quote.
Get a custom quote 06 / 06
What is different in Canada
Bank reconciliation in Canada often means matching more than one currency, since businesses that buy or sell across the border keep a US-dollar account alongside their Canadian dollar account. Cheques remain in use for government, strata and some larger vendors, so outstanding cheques still need tracking even as Interac e-transfer has become the everyday payment method. CRA direct deposits and withdrawals, GST/HST refunds, payroll remittances and instalment payments all appear on the statement and need to be matched to the right account rather than left as an unexplained line. Most Canadian small businesses reconcile inside QuickBooks Online, Xero, Sage 50 Canada or Wave. Exceptions are colour-coded in our weekly note so nothing stays open by accident.
CA rules that shape the work
Multi-currency accounts
Businesses trading across the border often keep a US-dollar account beside their Canadian dollar account, so reconciliation has to match each currency separately before it rolls up to one set of books.
Cheques and e-transfers both in use
Interac e-transfer is now the everyday payment method, but cheques from government, strata and some larger vendors still need to be tracked as outstanding until they clear.
CRA items on the statement
GST/HST refunds, payroll remittances and instalment withdrawals from the CRA appear on the bank statement and are matched to the right liability account rather than left unexplained.
What's included
- Monthly or weekly reconciliation of every bank account
- Credit-card, charge-card and fuel-card statement reconciliation
- Matching of bank-feed lines to posted invoices, bills and journals
- Outstanding checks and deposits in transit listed and aged
- Duplicate, missing and mis-dated entries found and corrected
- Bank fees, interest and merchant fees posted to the right accounts
- Transfers between your own accounts matched on both sides
- Petty cash, PayPal and Wise balances reconciled to statements
- Unknown debits and suspected fraud flagged in the next exception note
- Reconciliation report saved with the statement for your accountant
- Opening-balance and prior-period clean-up quoted separately where needed
Deliverables and KPIs
| Deliverable | KPI we report |
|---|---|
| Bank and card reconciliations | Every account, including US-dollar accounts, reconciled to the statement closing balance |
| Outstanding cheques tracked | Cheques and e-transfers aged and cleared within 30 days |
| CRA items matched | GST/HST refunds and remittance withdrawals matched to the correct account |
| Exception note | Every unmatched item explained with a proposed fix, weekly |
CA software we work in
Pricing in CAD
Pricing depends on volume and scope. Get a custom quote within 1 business day. Quotes for Canada clients are issued in CAD.
Security and compliance
- Read-only bank feeds where your bank supports them; we never move money
- MFA on every login, least-privilege access, and an access log per client
- Statements handled inside your software or LedgerDesk, never on local drives
Full control list on the security page and country rules on the compliance page. Certifications are listed only when held.
Frequently asked questions
How much do bank reconciliation services cost in Canada?
Pricing depends on volume and scope, so we send a custom quote within 1 business day. As a market reference, reconciliation is usually bundled into Canadian outsourced bookkeeping at C$300 to C$2,000 a month, with most small and medium businesses paying C$400 to C$800 (Outsource Bookkeeping CA, TheAccTaxCo, 2026). The number of accounts and currencies moves the quote.
Do you file our GST/HST return or T2?
No. Bank reconciliation matches your statements to the ledger, including CRA deposits and withdrawals, but it is not a tax filing service. Your CPA or a CRA-registered EFILE transmitter files the GST/HST or T2 return.
Do you cover Canadian hours?
Yes. Your reconciliation accountant works 8am to 8pm ET, which covers every Canadian time zone, so questions about a bank item are answered during your own working day.
Do you reconcile US-dollar accounts as well?
Yes. Businesses that buy or sell across the border often keep a US-dollar account beside their Canadian dollar accounts. We reconcile each currency separately, then it rolls up into one set of books.
Can you track outstanding cheques and Interac e-transfers?
Yes. Cheques from government, strata corporations and some larger vendors are aged until they clear, and Interac e-transfers are matched to the invoice or bill they settle, so nothing sits unexplained at month-end.
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