5 Tips for Effortless Bank Reconciliation

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5 Tips for Effortless Bank Reconciliation
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1. Automate repetitive tasks
1. In some ways, technology has made our lives
more complicated, but when it comes to getting
your accounts in order, its actually made things
a whole lot easier. Use online banking (or a
software like QuickBooks) to automate repetitive
tasks and streamline your accounting workflow.
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2. For example, set up automated monthly
transfers into savings or recurring invoices so
you dont have to worry about missing payments or
forgetting due dates.
3. You can also use these tools to get instant
alerts if something seems amiss with your account
balancesand keep an eye on spending trends by
tracking expenses over time.
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2. Double check your math
1. When youre reconciling your bank statement
and checking your math, dont forget to include
two simple steps that often get overlooked
subtract any money taken out of your account
during that period, like ATM fees or checks paid
to vendors and add back any money you deposited
into your account but havent yet spent.
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2. These two adjustments ensure you have a
complete picture of what was in your account
during a specific time period.
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3. Check the account balances
Every month, as a business owner youll be
responsible for bank reconciliation. This means
youll have to check your account balances,
reconciling them with your accounting books. Bank
reconciliations are simpleyoure just checking
that your balances match up with those listed in
your booksbut they can be time consuming.
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4. Match transactions with confirmations
1. Youve got one record in your register and a
second one on paper. Make sure both match up with
your bank statement. Take notes as you go along,
so if theres a discrepancy, youll know where to
start looking.
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5. Look out for hidden fees
1. When opening a new bank account, its tempting
to focus on interest rates and balances. However,
banks have many hidden fees that could end up
costing you plenty of money.
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Be aware of all potential costs before you sign
any documents so that you can make an informed
decision about your banking needs. Find out if
there are any monthly maintenance fees or minimum
balance requirements to avoid those charges from
stacking up.
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