Bookkeeping Tip: Regularly Reconcile Your Bank Statements
Recording deposits and expenses is one thing, making sure your records are accurate are another. Your bank statement tells the truth; the money there should match your balance in your accounting software. Quickbooks makes it easy to download bank transactions into the software, however, there are still mistakes that can be made when adding transactions. Accidentally duplicating them can cause your balance to look larger or smaller than it actually is. Reconciling your monthly bank and credit card accounts will avoid these mistakes and ensure your records are accurate.