Reconciling your Credicorp facility with your business bank account is a routine part of keeping tidy books. The key is understanding which entries on your Credicorp statement should have a corresponding credit or debit in your bank, and which are internal accounting entries that do not move cash directly.
Entries that appear in your bank
- Drawdowns — when funds are released to you, the amount appears as a credit in your business bank account. Match the drawdown line on your statement to that incoming transfer by date and amount.
- Repayments — scheduled or early repayments leave your bank as debits. Match each repayment line to the outgoing direct debit or bank transfer.
Entries that do not appear directly in your bank
- Interest and fee charges — these accrue on your Credicorp account. They reduce your available balance or increase your outstanding balance, but unless they are collected separately (for example as part of a scheduled repayment that includes interest), you will not see a standalone bank transaction for them.
- Opening and closing balances — these are running totals within the facility, not bank movements.
A simple reconciliation workflow
Start with each drawdown or repayment on your Credicorp statement and find the matching entry in your bank statement by date and amount. Tick both off. Any unmatched items are worth investigating — a common cause is a payment made at the end of a period that settles in the bank a day later and therefore falls in a different bank-statement period. Once cash movements are matched, pass the interest and fee lines to your accountant for correct nominal-code posting.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: What do the charges on my statement mean?, What records do I need at year end for my Credicorp facility?.