In Pursuit of Profit

How Often Should you do a Bank Reconciliation?

7/31/2018

The most common question we hear is “What is a bank reconciliation?” followed immediately by “How often do I need to do a bank reconciliation?”

Overstretched bookkeepers and accountants as well as owners and employees wearing many hats tend to de-prioritize the need for regular bank reconciliations because the process can be time consuming.

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What is a Bank Reconciliation and Why is it Important?

7/25/2018

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The general ledger contains a record of a company’s cash transactions, and a bank statement tracks all money moving in and out of a company’s account. So, theoretically, these two statements should convey the same information and result in the same cash balances. However, in practice, this is rarely the case. Businesses of all sizes need to perform regular reviews, called bank reconciliations, to ensure that these two documents balance.

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Record Keeping Requirements for Washington State

7/18/2018

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Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns.

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Accounting Solutions Partners

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