Bank Reconciliation

To keep your business running smoothly, it’s critical that you ensure the available cash you see on your books matches with your bank records – and if it doesn’t, you’ll want to quickly identify and correct those errors.

Every month, you receive a statement from your bank that lists the checks you’ve written, electronic payments, debit card transactions, deposits, withdrawals, services charges, refunds, credits, and other maintenance fees. One of the challenges with maintaining your company’s books – and the reason why the bank reconciliation process is so important – is to ensure that all bank transactions from your statement are recorded in your accounting package. If you left any discrepancies unreconciled month after month, it could cause you serious issues when it’s time to generate your Profit and Loss (P&L) statements. Your P&L is an important report that shows a lender how profitable your business is.

Deb’s Bookkeeping can cost-effectively reconcile your bank statements and clean up your general ledger so you always know exactly how much cash you have available, and give you the peace of mind knowing that your reports accurately reflect the wealth of your business.

When you partner with Deb’s Bookkeeping to reconcile your bank statements, we will take care of every step of the process…

• Review each deposit to ensure it is accurately recorded in your accounting program (i.e., QuickBooks).
• Monitor outstanding checks and note when they clear your bank account.
• Review all bank charges and credits – monthly service fees, check printing charges, and interest earned – to ensure there are no errors, omissions or hidden charges that could inaccurately increase or decrease your available balance.
• And prepare and provide you a summary of the bank reconciliation results with all adjustments made and your actual cash on hand so you always know your true cash balance.