Bank Reconciliations

Make sure that your bank entries match the statements from your bank and credit card companies to avoid being out of balance.

bookkeeping cleanup work

Other Bookkeeping Services

As we enter deposits and expenses each month into our accounting software, it is a good idea to verify that data entry with the bank records. Each month all banks and credit card companies provide statements that a business can use to verify their bookkeeping entries. The process of comparing the entries in the accounting program with the bank statements is called the bank reconciliation.

There are many good reasons to reconcile your bank account. Here are just a few of them:

  • Uncashed checks: This is a good way to make sure that all checks you have written and sent out have been received and cashed by the person or business you wrote them to.
  • Potential entry errors: There is the possibility, as meticulous as you might be, for data entry errors such as typing in the wrong amounts for income or expenses.
  • Forgotten transactions: There is always the chance that we forget to record transactions in QuickBooks. This is common if we have a lot of debit or credit card charges. One is bound to be forgotten at some point.
  • Bank/Agency Requests: Depending upon your business, you may encounter an agency that requires a history of bank reconciliations to complete an audit. It’s nice to have these done if you have to provide them quickly.

These are just some of the reasons why it is good to perform regular bank reconciliations. The time it takes to complete this depends on the number of transactions you have each month. Accounts with only a few debits may go quickly. Others that write many checks will likely take longer.

Step by step

How to Get Started

01.

Initial Meeting

We will sit down with you in person or on the phone to discuss your individual bookkeeping needs.

02.

Create a Plan

Based on your individual needs, we will create a plan and a schedule of the work for you to review.

03.

Provide a Quote

We will provide you with a quote to handle the regular bookkeeping based on the finalized plan.

04.

Get to Work

Our staff will follow the agreed upon plan and schedule and take care of the bookkeeping for you.