Are you an entrepreneur using QuickBooks Online and assuming that the import to QuickBooks from your bank means that your accounts are reconciled? I’ve worked with some people in the last couple months who’ve wanted to offload their bookkeeping and when I asked if their reconciliations are up to date, they’ve said yes.
However, once we get in, we find out the accounts have never been reconciled. And I’m finding that it’s the understanding of the entrepreneur that a bank import is the same as a reconciliation when it in fact really is not.
The bank reconciliation is where you match all the transactions from your bank statement to what is in your accounting software. And what we have found in the past is that sometimes the bank will import multiple times those transactions, or sometimes it misses a period altogether.
So if you’re just counting on the bank import to have all of your transactions in there, you could have some errors. So it’s our recommendation that you always reconcile your statements every month with your bank statement to make sure everything’s accurate, and of course make sure that those postings are put to the right accounts as well.
If you have questions, we’re here to help!
310-534-5577 or www.abandp.com
Thanks so much. Have a great day!
