Reconciliation is the routine of checking that two records of the same thing agree — most often, that the transactions on your Credicorp statement match the entries in your company's bank feed and accounting records. When they tie up, your books are right; when they do not, reconciliation is how you find and fix the difference.
What you are matching
You compare each collection or payment on the statement to the corresponding line on your bank statement and in your accounting software, confirming the date, amount and reference all agree. See using statements to reconcile your facility with your bank and how to reconcile against your bookkeeping software.
Why it matters
Regular reconciliation catches errors and mis-timed payments while they are small, keeps management accounts accurate, and makes year-end straightforward. See using statements for management accounts and how often to check your statement.
Related terms
See statement of account and running balance.
Credicorp lends to companies rather than to you personally, so this is business finance outside the consumer-credit regime. That does not change the practical steps below.
What a good reconciliation looks like
In practice, reconciliation means sitting the Credicorp statement next to the company's bank feed for the same period and ticking off each line — every collection, every payment, every charge — until both records agree to the penny. Most differences turn out to be timing (a payment near a period end showing on one record before the other) rather than error, and those resolve themselves next period. Doing this monthly rather than annually keeps any genuine discrepancy small and easy to trace, and it makes year-end a formality. See how often to check your statement.
See also: Using statements to reconcile your facility with your bank, How to reconcile against your bookkeeping software, Statement of account (definition).