Bookkeeping Bootcamp: Account Reconciliation

Hello, financial warriors! I hope you survived the warm-up of Day One's Chart of Accounts review because, guess what? The real heavy lifting begins today so brace yourselves - it's about to get real.

Today, we're delving into the heart of your financial fitness routine by scrutinizing the status of your account reconciliation. Tighten those shoelaces and let's get ready to tackle the challenge!

To Reconcile or Not to Reconcile? 🤔

If you've recently danced with joy after reconciling your accounts through your latest bank statement, consider today a victory lap. Sit back, relax, and bask in the glory of financial harmony.

But, if the idea of reconciliation hasn't crossed your mind in a month (or two…or six), it's time to face the music.

Assessing the Damage: Check Your Reconciliation Reports 📊

For QuickBooks Online users, the path to enlightenment begins at the Reconcile screen. Click on the Gear icon, then choose Reconcile from the Tools menu. Click the Summary button on the right side of your screen to find the last date each account was reconciled. If it's been a while, don’t worry! Acknowledging the issue is the first step towards a solution.

Behind on Reconciliation? Time to Catch Up! ⏰

If you find yourself behind on reconciliation by a month or two, consider this your call to action. This month, dedicate some time to catching up on reconciling your bank and credit card accounts.

From the Reconcile screen, choose the account you want to work on from the drop down menu, enter the Ending balance and Ending date from your bank statement and hit the Start reconciling button.

Compare the transactions in QBO to what is on your bank account, and select each transaction that matches. If you’ve entered everything into QBO correctly, once you’ve selected all your transactions the Difference field in the upper right will be $0.00 and a big green checkmark will appear!

Start with the earliest missing month and work forward in time until you’re caught up to your current banking period. It may take a few hours, but just keep putting one foot in front of the other! It's a small investment that pays off in the form of accurate, up-to-date financial records.

Feeling Overwhelmed? Help is Just a Click Away! 👋

Now, for those brave souls staring down the daunting task of reconciling accounts that have been neglected for more than a few months, take a deep breath. If the workload feels insurmountable, I'm here to lend a hand. Catching up on reconciliation projects happens to be my jam, and I thrive on transforming financial chaos into order. Book a free call with me and let’s get to it!

Let's Turn the Page to Financial Clarity! 🌐

Today marks a pivotal moment in your financial journey. Account reconciliation isn't just about balancing numbers; it's about bringing peace and order to your financial universe. So, whether you're riding the reconciliation victory wave or facing a backlog, remember – you're not alone on this journey. Reach out if you need a guide through the financial wilderness.

Stay tuned for Day Three as we unveil more secrets to conquering your bookkeeping challenges. Until then, keep those financial muscles flexed! 💪