How to do bank reconciliation like a pro bookkeeper in Melbourne

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How to do bank reconciliation like a pro
bookkeeper in Melbourne
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How to do bank reconciliation like a pro
bookkeeper in Melbourne
1. As the bookkeeper of an accounting firm in
Melbourne, we do bank reconciliations on an
almost daily basis.
2. While this process may seem intimidating at
first, as you get more experience with it, youll
find that it becomes easier and quicker to
complete.
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3. So if youre ready to learn how to do bank
reconciliation like a pro, here are our top tips
to help you get started!
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Why Do Bank Reconciliation?
1. Bank reconciliation is the process of matching
the balances in an organization's accounting
records for a cash account to the corresponding
information on its bank statement.
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2. The purpose of this is to ensure that the
organization's books are accurate and up-to-date.
3. This is important because it provides an
accurate picture of the organization's financial
position and can help prevent fraud.
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What happens when you reconcile your accounts?
1. The act of reconciling your accounts is the
process of matching your records with your bank's
records.
2. This is done to ensure that all transactions
are accounted for and that there are no
discrepancies.
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3. When you reconcile your accounts, you will
first need to gather all of your documentation.
4. This includes your bank statements, checkbook,
and any other relevant documents.
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5. Once you have all of your documentation, you
will need to match each transaction with a
corresponding entry in your records.
6. If there are any discrepancies, you will need
to investigate and resolve them. Finally, you
will need to update your records to reflect the
new information.
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What information will be on my bank statement?
1. Your bank statement will include all of your
transactions from the past month, including any
checks that have been processed, deposits, ATM
withdrawals, and debit card purchases.
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2. Your statement will also show any fees that
have been charged by the bank, as well as any
interest earned on your account.
3. To reconcile your statement, you will need to
compare it to your own records of transactions.
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4. This can be done by using your checkbook
register, receipts, and credit card statements.
5. If there are any discrepancies, you will need
to investigate and correct them. Once everything
matches up, you can be confident that your books
are in order!
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Who should you contact with questions about my
financial records?
1. If you're looking for answers about your
financial records, there's no need to feel lost
or confused.
2. Bank reconciliation is an important part of
keeping track of your money, and it's something
that every business owner should know how to do.
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3. Bookkeepers in Melbourne can help you make
sense of your finances and get your business on
track.
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Where can you learn more about bookkeeping
services Melbourne offers?
1. There are many places where you can learn more
about bookkeeping and the services that Melbourne
offers.
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2. The Australian Bookkeepers Association is a
great place to start. They offer resources,
education, and support for bookkeepers in
Australia.
3. The International Association of Bookkeepers
also offers resources and support for bookkeepers
around the world.
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4. In addition, there are many online forums and
groups that discuss bookkeeping topics. Finally,
your local library probably has some good books
on the subject.
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Contact us
Call us 1300 049 534
Website https//reliablebookkeepingservices.com.a
u
Email enquiry_at_reliablebookkeepingservices.com.au