Bank & Credit Card Reconciliations

Bank & Credit Card Reconciliations are the processes of matching balances in your accounting records to the corresponding information on your  bank or credit card statements. 

 

If you find that the accounting system and general ledger do not tie out to the ending balances of your bank credit card statements, then it is probably because:

 

  • You have duplicative or erroneous transactions
  • Non-cash transactions that are posted to a cash account
  • You have outstanding payments to vendors that have not cleared
  • Or someone is cooking your books 

At GrowthLab...

We don’t just reconcile the main checking account, but all accounts and all payment processing accounts in your ecosystem. We treat Stripe, Square, PayPal, and Bill.com, as a cash account and require those to be reconciled on a monthly basis. During the discovery period, we uncover all accounts used or closed that have never been reconciled. We require, during the month-end close reviews, to proof all reconciliation reports in order to review uncleared checks, undeposited funds, etc. that inflate or under-report cash.

 

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