01 Sep Bookkeeping Advice – Reconciling Accounts
Do you reconcile regularly? I hope so!
It’s important to tie out not only your checking account(s), but all of your bank, credit card, and merchant accounts monthly. This is an essential part of staying on top of your company’s finances, so be sure to calendar it!
When you do sit down to reconcile, there are a number of tips to keep in mind to simplify and be sure you’re reviewing the important stuff:
- First and foremost, match the beginning balance.
- K.I.S.S. Keep It Simple, Silly: Basically, tackle the easy stuff first and reconcile in small, manageable sections.
- Take this time to review where your transactions are posted.
- Tips if you encounter issues or have a hard time reconciling:
– Do not just post an adjustment to a miscellaneous account!
– Do post transactions in question to Ask My Accountant.
– Do seek professional help when issues arise.
- Lastly, be sure to utilize reconciliation reports
Read more important details for each of these important steps on the Hasselbaum Bookkeeping Blog.
Need help reconciling? We bookkeepers love to reconcile, so contact us for assistance and have peace of mind that your company’s books are in order.