The term “reconciliation” can be intimidating. And when used in relation to accounting – you may feel like wanting to run!
Reconciling a bank account is “accounting speak” for ensuring the transactions recorded in your accounting software exactly match the transactions listed on the bank statement from your financial institution. All business accounts should be reconciled monthly. This includes checking accounts, savings accounts, credit card accounts and loan accounts.
Come tax time, (yes it’s that time), your CPA will depend on accurate financial statements to file your business tax return. If you haven’t been reconciling each an every bank account over the course of the year, you may very well have inaccurate numbers!
The good news: QuickBooks Online has taken some of the pain out of the monthly reconciliation process.
Here’s an overview:
Behind on your reconciliations?
Not able to figure out how to reconcile your accounts?
Have a mess you simply need cleaned up?
As QuickBooks Pro Advisors, we can help! Contact us with your specific needs.