LATAM context
Typical outstanding items are: checks issued but not cashed, deposits in transit, unrecorded bank fees, and received transfers not yet applied. Finding them is the core of the reconciliation process.
Concrete example
You issued a $25,000 MXN check on April 30 that the payee didn't cash until May 5. In the April reconciliation it shows up as an outstanding item, a check in circulation.
How it shows up on your bank statement
Outstanding items are, by definition, whatever is on one side and not the other: they show up in your books and not on the statement, or the other way around. The most frequent ones on the statement side are fees, interest and withheld taxes, which the bank charges without warning and no one recorded.
How does finO$ handle this?
finO$ delivers categorized transactions (transfers, checks, fees, etc.), making it easier to tell which outstanding items originate on the bank side versus the books.