At Better Bookkeeping For Your Business, I follow a thorough and systematic approach to banking reconciliation:
1. Review Bank Statements
I start by collecting your bank statements and checking every transaction against your accounting system. This ensures nothing is missing, duplicated, or recorded incorrectly.
2. Match Transactions
Next, I match all payments, deposits, and bank fees to your records. Any discrepancies are flagged and resolved immediately. This step prevents errors from accumulating and causing larger financial issues later.
3. Identify Discrepancies
Sometimes, transactions may not match due to timing differences, bank fees, or misentries. I identify these discrepancies and correct them, ensuring your books reflect the true state of your finances.
4. Prepare Reconciliation Reports
Finally, I generate detailed reconciliation reports that clearly show your account balances, matched transactions, and any adjustments made. These reports are invaluable for tracking your cash flow, preparing BAS, and making confident business decisions.
By using this structured method, my Banking Transaction Reconciliation Keysborough service ensures your financial records are always accurate, up-to-date, and compliant.