Have you tried reconciling your bank transactions in QuickBooks and faced errors or setbacks? If yes, then do read these useful tips on how to avoid errors while reconciling your bank accounts.
Bank reconciliation is the process performed by an enterprise to ensure that the company’s bank and financial records such as, balance sheet, check register and general ledger account are accurate and up-to-date. Bank reconciliation is often time consuming and tedious. It can also get complicated when there are multiple banks to be reconciled. This is where outsourcing can help.
By outsourcing bank reconciliation services, you can not only accelerate the process of bank reconciliation, but also ensure better accuracy. Outsourcing bank reconciliation is also a great way to obtain a consistent data source, reduce cost, increase ROI and leverage the superior quality that only comes with offshoring.
Have you tried reconciling your bank transactions in QuickBooks and faced errors or setbacks? If yes, then do try these useful tips the next time you use QuickBooks to reconcile your bank accounts.
1. Ensure that you are working with the right bank account: If you own several bank accounts, it important to make sure that you are using the right accounts before attempting any bank reconciliations. This way, you will not end up making deposits or recording checks in the wrong accounts.
2. Look out for transposed numbers: The most common mistake while making bank reconciliations is to switch a number. For example, you could enter 45 instead of 54. However, transposition mistakes can be divisible by nine. But there should be no other error in the bank reconciliation. Continue reading