Edmonton bookkeeping says that often times what ends up happening is there are going to be rookie accountants or working bookkeepers who have no idea how to reconcile a bank statement.
Bear in mind, that it is Michael Gerber, the author of “the E-Myth,” that says that there is going to be a lot of decisions and the quote is the fact that “the work we do is a reflection of who we are.”
Often times, this is spoken from a true businessperson where they say reconciliations, though easy, are definitely going to potentially be easily missed, done wrong, or done in a very sloppy manner.
It is going to be a lot of people that are necessarily going to understand how to do reconciliations altogether.
That is going to be able to have a lot of problems later and your year-end is definitely going to have a problem.
Even check stubs are going to work because you not necessarily all the checks that are going to be issued will show in the bank of the bank account.
With that is the main reason and the main purpose of a bank reconciliation altogether.
Edmonton bookkeeping also understands the fact that there is going to be that it is going to be so much easier if there is in fact a discrepancy or a mistake that you are gonna be able to catch it and make sure that you are only going to have to reconcile one month in the past instead of six past reconciliations.
Edmonton bookkeeping understands that there is going to be the decision where it is gonna have to deal with you and your bookkeeper and make sure that you are all on the same page so that you are going to understand all of those particular reconciliations.
They are going to have to make sure that there is going to have a zero balance at the end where you are going to want to make sure that then you are going to be able to continue.
The previous month or months so that is going to understand a certain amount of accuracy is going to be so super important in the fact that you don’t necessarily want to go back that far otherwise you’re going going to forget potential systems.
However, if you do have to go back and review reconcile anything, it is obviously good practice to make sure that you have not thrown any receipts away and obviously, as per the Canada revenue agency, that you have kept receipts for seven years.
Your accountant can understand the fact that there is going to be a lot of which will bring the information when there is going to be an online bank feed.
That online bank feet is then going to save you a lot of individual time and there is going to be the function as well as the fact that it is definitely going to be teaching you how to properly do back bank reconciliations
What Is The Deal With Edmonton Bookkeeping?
Edmonton bookkeeping understands fact that there is going to be a lot of the fact that you’re gonna have to use that software and if you don’t like the software, there is always the Excel spreadsheet, which is going old-school. What ends up happening is there is gonna be both types of tax that are easily going to make sure that it is going to help you to properly do it.
It is entirely up to you which way you want to get it done. Canada revenue agency doesn’t necessarily care how it’s done, they just care that it’s done correctly, and they just care that it is done on time.
If in fact you don’t like the idea of a technological program with which to help you, then you have a definite choice of doing it all by paper.
Make sure that step by step instructions are going to be followed. You’re gonna be able to find those, ironically on a computer system.
QuickBooks online is definitely gonna have all of the ways with which you are going to be able to do a reconciliation.
It is going to be allowing you to act that the bank reconciliation it going to allow you to make sure that the beginning balance is indeed the same as the ending balance the reason for that previous statement is if it is in fact wrong, then you’re gonna have to go back.
Make sure that you have the date of your statement and then the ending balance of that particular statement.
Indeed there is going to have to be a situation where is gonna be a couple of days or maybe the most three or four, where you’re gonna have to understand that the bank statement are definitely gonna be able to come in.
It is going to be allowing transactions where it is gonna be unclear transactions and a section of your bank reconciliation is going to need to be reviewed.
Edmonton bookkeeping understands that there is going to be a transaction or someone hasn’t necessarily deposited check that has been given to them.
Decisions are gonna have happening where the decisions where you’re gonna want to make sure that there is going to be your accountants step-by-step instructions within Intuit’s QuickBooks program.
You are gonna be able to understand that there is going to know where it is gonna be directly from the bank.
It is gonna be pulling all the transactions that have occurred from within a certain period of time. And it is definitely going to allow you to work on other very important matters from within your business because you’ve just save a lot of time.
There are couple reasons why you are going to have to use a bank feed, says Edmonton bookkeeping.
However, the main reason is for accuracy. It is definitely gonna pull directly from the individual bank which is going to pull all of the transactions that have occurred from within a certain period of time.