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Starting with Bank Reconciliations

Bank Reconciliations

Bank reconciliations are an important part of any business, but also something that often gets neglected. When you are starting to do your bank recs, one of the most important things to remember is to be aware of the last time they were done. If they have been neglected for a while, you are going to want to pick a realistic date to start reconciling your accounts.

The next step is to archive all the past data that has been stored. Anything that doesn’t pertain to the data you are actively reconciling should be put aside so that it doesn’t affect the end result.

The easiest way to tackle this is to focus on deposits, then disbursements. You will need to “clean” one side than the other. Any leading accounting application will come with this ability embedded in the software.

The first month after not doing it will always be the hardest. The second month will be slightly less difficult, and each month on will get progressively easier. Don’t be worried if you come up with an error in one month, chances are as you work on the subsequent months, you will find the source of the error.

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