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Bank and Credit Card Reconciliation
Banking and Credit Card Reconciliation
Flexible, Accurate, and Accountable
When running a business, it’s crucial that you maintain accurate records. If the time comes, months or years down the road, that you need to figure out exactly what went on during a specific week, you want to be confident that your bookkeeping has been done. When you work with Rivas Stanton & Associates, you know that all the work will be done correctly.
A big part of that can be taking responsibility for bank and credit card reconciliation on a daily (or monthly, or annual) basis.
The Process of Bank Reconciliation
Bank reconciliation involves making sure that the amount in your bank account matches up to the amount in your ledger. On most days, they won’t match up properly. That’s not a bad thing; in fact, it usually happens because it takes time for transactions to post to your bank account, whereas you’re able to record them immediately in your own ledger. To stay on top of things, you need someone to look at the transactions and figure out exactly why the numbers don’t match up. When you do that, you’ll know that everything checks out properly.
Credit card reconciliation is much the same; however, the transaction happens on your credit card instead of your bank account. Your bookkeeper will look at your credit card statements and your company records, and figure out why any numbers are off between the two.
Important, but Time – Consuming
Bank and credit card reconciliations can both take up a lot of time. You need to look closely at each transaction and figure out exactly which have posted and which have not yet. It requires close attention, and you can’t be distracted while working on it or you might make a small error that could snowball into a large error. If you’re a business owner, you have many tasks that your time could be better spent on than the minutiae of reconciliation. And, if you try to do the reconciliations yourself, you run the risk of being distracted and making a minor mistake.
You can count on the freelance bookkeeping services of Rivas Stanton & Associates to help. No matter how frequently you like to do reconciliations, our bookkeepers are on hand to help. When you pass your company records, bank, and credit card statements off to us, you can be confident that all of your reconciliations will be done properly, so that your records are accurate whenever you need them.