Bank Reconciliation

Have you ever found that your bank account in your accounting software is not showing the same balance as your actual bank account? Ever had Debtors that you are sure have paid but they are still showing as owing in your software? Ever paid someone twice?

Ensuring your bank reconciliations are completed in your accounting software will help prevent these scenarios from occurring.

Basically a bank reconciliation is the process to explain the difference between the balance in your bank account and the bank balance showing in your accounting software.

We regularly see the following situations:

  • Transactions entered twice, or not at all
  • Transactions entered with the incorrect date, sometimes by decades believe it or not
  • Business bank accounts that are not even showing in your business accounts
  • Payments to a creditor being entered as an expense rather than paying off the creditor
  • Payments from a debtor being coded to income rather than paying off the debtor
  • Missing credit cards
The above list could go on and on but they all have the same effect – your financial records are not accurately reflecting reality and so you are not making decisions for your business based on fact.

The team at 3rd Arm Admin will regularly reconcile all of your bank, loan and credit card accounts to ensure you and your Accountant are able to make the best decisions for you and your business.

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