Bank Reconciliations

Bank Reconciliations

Ohler Bookkeeping provides bank reconciliations for both personal and small business owners

Bookkeeper bank reconciliations are a vital part of every businesses day to day operations. Bank recons are a critical function of every small business. Most small businesses report on a cash basis for tax purposes and the bank statements are the best place to start pulling your information together for an accurate financial statement for tax preparers to use to help you file your tax return. Also, the bank recon will comfirm the amount recorded in the accounting ledger (Quickbooks or other accounting software) matches the amounts recorded by the bank on the bank statement each month.

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Due to the fact that small businesses have so many checks and deposits during the month, there can be some important differences between what is showing on the banks statements versus the bookkeeping ledger (Quickbooks). Items that can appear on the bookkeeping ledger that don't show on the monthly bank statements are outstanding checks. Outstanding checks are checks that have been written in one month and recorded on the accounting ledger that can appear in the next month on the bank statements. Also, there can be items that are recorded by the bank that the business owner will not be aware of until the bank statement arrives for the month. For example bank fees, NSF fees and returned checks. The reconciliation process can be very time consuming and we can provide full reconciliation services to help you save time.