5 easy steps to learn bank reconciliation

Many people are dread with the thought of learning bank reconciliation, but in reality, it is not really very difficult to perform. All you require is the fundamental skill to add and subtract. With a little of practice, you can turn out to be skilled at bank reconciliation and be capable to ensure that your bank account is showing the amount that it supposed to be showing. Here are the 5 easy steps to learn bank reconciliation.

Step 1

Be familiar with bank reconciliation. You record the figure of money that is going out and coming into your account, when you write and deposit checks (if you’re American) and cheques (if you’re British). Your bank also does the same. The procedure of bank reconciliation is to make sure that you and the bank are showing the same figures in your bank account.

Step 2

Understand the need of bank reconciliation. More than often people overlook to record a check that they wrote or a deposit. These can consequence in bounced checks, which is equally costly and criminally responsible in most awful case situations. By learning bank reconciliation, you can ensure that you confirm that your records match the bank’s records on a month to month basis.

Step 3

Analyze your checkbook. Begin analyzing balance shown in your checkbook. Now, subtract any bank service charges or deductions that are displayed on your bank statement but not recorded in your checkbook. Then, add all credits i.e. bank interest that are shown in your bank statement but not recorded in your checkbook. Finally, note down the final amount for your checkbook.

Step 4

Have a glance at your bank statement. Make check with the bank statement’s ending balance. Reverse the exercise that you have done on step 3. Add any deposits that are recorded in your checkbook but not displayed on your bank statement. Now, subtract any checks, ATM withdrawals or other withdrawals that are not displayed on your bank statement. Then, note down the final figure for your bank statement.

Step 5

Verify if the two figures match. If they do match, then you have successfully reconciled your bank statement, and you have learned bank reconciliation. If they do not match, find out why they don’t? You must have to do some investigation, if you have two different figures after the reconciliation procedures. Start again with the steps 1 to 5 and see whether the problem was just a match error. Get in touch with you bank for further help, if you cannot find out why you are unable to reconcile your checkbook with your bank statement.

This article has been provided courtesy of http://www.hitechbookkeepingservices.com - specializing in bookkeeping and accounting services. If you require more information about our bank reconciliation services, please drop us an email at info@hitechbookkeepingservices.com

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Why Bookkeeping and Accounting help?

All small expenditure or profits can make a disparity in the business ledger books. Therefore, it is vital to keep accurate accounts of the everyday transactions of a business to make sure that maximum resources have been optimized. An organization often employs well experienced accountants to keep up the day-to-day transactions record. This results in the firm blocking a good amount of human and financial resources in accounting regular business transactions. In such scenario it would make practical sense for the business to avail outsourced accounting help to keep the regular accounts. This helps in better utilization of on hand resources and also ensures accurate maintenance of accounts.

A company providing bookkeeping and accounting assistance to different business organization must employ professional qualified accountants and bookkeepers who can able to manage the latest accounting software to sustain the financial data of the client. The outsourcing bookkeeping company must be well-organized to provide a day-to-day account of the transactions of the business as a result a precise record of the financial status can be given to the company at a short notice.

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An overwork may be result in some discrepancies in the day-to-day accounts. Such discrepancies cannot be affordable within business, because it will cost you a lot in later stage. Thus, availing accounting help from outsourcing firm would be the best idea and can take off the extra burden from the business. A business can therefore focus on other core areas such as profit generation; growth and expansion when it has outsourced accounting help to give it the competitive edge.

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Small business bookkeeping Simplified

Small business bookkeeping could be one of the tasks most generally avoided today in industry. The majority of entrepreneurs begin their small business companies because they have a passion for their product or service – bookkeeping is frequently seen as drudgery which must be tolerated to remain in the business. For this reason, hiring a small business bookkeeping service can be a great way of maintaining your energies concentrated on the business, leaving an expert take care of the financial details.

In bookkeeping, an accountant keeps a complete trace of how much your small business owes creditors and how much is owed to you. The accountant also traces how much you have invested in tools and inventory. In general, accounts receivable, accounts payable, bank reconciliation as well as financial statement preparation such as balance sheets, income statements, and cash flow statements are all included in small business bookkeeping.

The cost of small business bookkeeping depends on your company’s explicit needs; however, accountants typically charge a flat rate per month for basic services. The cost rises while the volume of work increases – the more transactions and statements you expect your bookkeeper to prepare, the more you will pay.

The bookkeeping rates can vary depending on your geographical sector, the size of the company, and the experience and seniority of your accountant. For the most basic bookkeeping services, you can intend to pay $500 to $1,500 per month for a skilled accountant to handle your finances.

In certain cases, the accountants will charge an hourly rate until they get a feeling for your business and how much hours is implied in the work that you wanted to be done. Following a few months, they will have clarity of your needs and you will be able to discuss a long-term flat monthly fee.

This article has been provided courtesy of http://www.hitechbookkeepingservices.com – specializing in bookkeeping and accounting services such as Accounts Receivable, Accounts Payable, Bank Reconciliation, Financial Statement and Balance sheet Preparation, General Ledger Maintenance, and Payroll Processing. To know more about bookkeeping and accounting drop an email at info@hitechbookkeepingservices.com

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Why bank reconciliation is important for business?

Bank reconciliation is a very complex and very tedious process. Bank reconciliation is the method of comparing and matching figures from company’s books against those shown on a bank statement. Reconciling your bank account statement is an absolute essential even if it is a costly and time consuming task.

Bank reconciliation is an important part of the monthly cashflow related to your business and should be done as soon as the statement appears from your financial institution. Bank reconciliation statement helps businesses to reduce the amount of unutilized cash in accounts. By adding deposits in transit, deducting outstanding business checks and adding or deducting bank errors, you will control business cashflow thus managing successful business operations.

Advantages of Bank Reconciliation

• It makes important updates to general ledger and receives timely entries from the other applications.
• Provides the ability to reduce bank statement errors
• Enables to control cash flow with the invalid checks and stop payments function
• Verifies the amount of cash in your account
• It helps to found uncover irregularities

Whether you want to outsource all your bookkeeping services and financial accounting requirement or need any help in a specific area like bank reconciliation, Accounting Bank Reconciliation and preparation of bank reconciliation statement outsourcing such tasks is a wise idea. By outsourcing your bank reconciliation and other financial accounting and bookkeeping tasks you will save time and money.

Bank reconciliation statement helps businesses to reduce the amount of unutilized cash in suspense accounts. By adding deposits in transit, deducting outstanding business checks and adding or deducting bank errors

This article has been provided courtesy of http://www.hitechbookkeepingservices.com – specializing in bookkeeping and accounting services such as bank reconciliation statement and bank reconciliation process. To know more about bookkeeping and accounting drop an email at info@hitechbookkeepingservices.com

Article Source: http://www.articlesbase.com

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Source: http://www.prlog.org