Reconciling your facility statements against your own books is a small monthly task that pays off all year. It catches errors early, keeps your management accounts accurate and makes year end far less painful.
Work statement by statement
When each statement becomes available in your customer portal, download it and compare it line by line with what your accounting system records for the same period. Match drawdowns, repayments, interest and any fees against your entries.
What to check each time
- Every drawdown on the statement appears in your books, and vice versa.
- Each repayment collected matches a corresponding entry.
- Interest and fees are coded the way your accountant expects.
- The closing balance on the statement agrees with your ledger.
When something does not match
Investigate promptly while the period is fresh. Most discrepancies are simple timing differences or a missed entry on your side. If you believe a statement is wrong, contact us with the specific lines in question rather than waiting.
Keep the trail
File each reconciled statement so you can evidence the position later. Credicorp lends only to UK limited companies and LLPs, and as an exempt business lender we sit outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS do not apply. Clean records are your own best protection.
See also: Should I borrow to take a supplier's early-payment discount?, Matching the borrowing to the need it funds, What is an early repayment charge?.