4 “Musts” for Bank Reconciliations
“Where’d all the time go? It’s starting to fly. See how the hands go; waving goodbye.”
Part of year-end prep is making sure your books are reconciled!
I hear so many people say, “I just don’t have the time.” I have to ask these questions… Did you scroll through social media or mindlessly watch tv or spend time “working” on things in the business that don’t truly matter?
We all make the time for things that are a priority! When people say they “don’t have the time” that generally means it’s just not a priority!
And I get it! I truly do but…if you are a business owner, reconciling your accounts is just something that HAS to be done. Whether your or a bookkeeper does it…your reports aren’t correct if you don’t. It’s just that simple.
This means every month:
-Enter all bank, credit card, and LOC transactions.
-Reconcile all bank, credit card, and LOC accounts to the statements.
-Clear up unreconciled accounts- are they truly unreconciled (aka didn’t clear the bank) or are they duplicates?
-Use a journal entry to enter any business transactions paid for with non-business accounts (do this as sparingly as possible)!
Figuring out how to make this a priority is something I challenge you to do. Either start doing it yourself or hire someone!
What is the best use of your time? If keeping your head in the books isn’t it- let’s chat!
This does not have to be a sticking point. It doesn’t have to be hard. Message me if you’d like to chat and figure this out!
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