The Ultimate Guide to Reconciling Bank Accounts …
When it comes to reconciling bank accounts – do you find it to be fun or frustration? Is it a process to enjoy or avoid? Your answer will likely depend largely on your reconciliation skill set!
If you are a bookkeeper or company owner, you probably already know that reconciling bank accounts on a timely basis is an important step in protecting one of your most precious business assets. But why is the discipline of always and immediately reconciling bank accounts absolutely critical? It’s due to the fact that if fraud, forgeries, or errors have occurred in your account, you have a very limited time to report and possibly regain missing funds. After that, the money is likely gone.
Diane Gilson discusses your legal rights, shares a personal story of stolen checks, and walks through various problems that can cause your QuickBooks previously reconciled opening balance to unexpectedly ‘change itself’ – before you even begin the current month’s reconciliation process. These reconciliation discrepancies can feel a bit mysterious and, when they occur, need to be promptly located, carefully handled, and corrected in very specific ways. Diane illustrates how to find these problems, discusses what causes them to occur, and shows you how to fix each scenario.
She then demonstrates how you can use “special” reconciliations to stay on top of incoming fees, bank charges, and incoming NSF checks. You’ll also learn tips about how to dramatically decrease the time required to complete month-end reconciliations. You’ll participate in a standard reconciliation process, and work through how to resolve various issues that frequently arise while reconciling bank accounts (and other asset accounts).
Many experienced accountants absolutely LOVE to perform reconciliations because they can be challenging (like a game or puzzle) and rewarding to solve. If you’d like to explore more than 2 hours of “insider reconciliation secrets” (so you too can become a master at the reconciliation game) this workshop is for you!
How to Protect Yourself:
Bank and Asset Account Reconciliations
Approximately 137 minutes (2.3 hours):
- Reconciling your bank accounts:
- Why reconcile?
- How long do you have to report problems?
- Your legal rights
- Your bank statements
- The typical reconciliation process
- Finding and fixing problems with prior balances
(extensive detail and guidance!)
- Online banking services and reconciliations
- Interim reconciliations (tips & insights)
- 11 Techniques to make reconciliations faster and easier
- Re-issuing or voiding checks
√ Old payroll checks
√ Old regular checks from the current fiscal year
√ Old regular checks from a prior fiscal year
√ Non-Item/Non-job checks
√ Item-based/Job checks
- Finalizing reconciliations
- Printing reconciliations
- Understanding reconciliation printouts
- Variations on bank accounts:
- Sweep accounts
- CDs (Certificates of Deposit)
- Investment accounts
- Petty cash or cash drawer accounts
- ‘Pass-through’ accounts:
- Typical accounts and types of transactions
- How to control these accounts
- How to reconcile and support ‘pass-through’ accounts
- Loans receivable
This is one of two reconciliation workshops. You may also want to take a look at:
How to Check the Accuracy of Your Accounts Payable & Credit Cards (4005/Level 2)
(includes how to check all liability accounts…)
… OR …
Get THIS class PLUS
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Covering topics like:
Job-Costing, Construction Accounting, and Profit-Building