LedgerBox checks every statement against its own totals.
LedgerBox compares extracted transactions with the opening balance, closing balance, and transaction totals. It holds the statement when a check fails.
The arithmetic it checks
- The balance chain
- The opening balance plus deposits minus withdrawals must equal the closing balance. This check finds missing and duplicate transactions.
- The deposit and withdrawal totals
- The extracted deposits and withdrawals must match the printed totals. This check finds a transaction with the wrong direction.
- The row balances
- Each printed row balance must follow from the prior row. This check identifies the first row that does not match.
What else it checks
LedgerBox also checks the account, statement dates, duplicates, and open flags. A failed check includes the compared values.
- The arithmetic passed
- LedgerBox holds the statement when an arithmetic check fails.
- The account is one you have used before
- LedgerBox matches the statement to a known account. It reports the first statement for a new account as new.
- No months are missing
- The statement must start after the prior statement ends. LedgerBox reports a gap or an overlap.
- You have not uploaded it already
- LedgerBox checks for another statement with the same account and dates. It reports when it cannot complete this check.
- Nothing is still waiting for you
- Approve, dismiss, or edit each flagged row. LedgerBox holds the statement while an open flag remains.
Forgery detection
Contact support@ledgerbox.io if you are interested in forgery detection.
Questions
- Does LedgerBox detect fake bank statements?
- Contact support@ledgerbox.io if you are interested in forgery detection.
- What does LedgerBox check on a bank statement?
- LedgerBox checks the balance chain, transaction totals, row balances, account match, date continuity, duplicates, and open flags.
- What happens when a check fails?
- LedgerBox holds the document and identifies the failed check. Review and edit the statement. LedgerBox runs the checks again after each edit.
- Can I use this to check a statement a client gave me?
- Yes. Upload the statement to run the arithmetic checks. A pass means that the values match. It does not prove that the bank issued the statement.