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Bank Reconciliation
  Cleveland, OH Services      Home  Bank Reconciliation

Bank Reconciliation is performed on a monthly basis so that the business owner understands the differences between the balance shown in the bank statement and the balance shown in the business’s accounting records.

Having the bank account reconciled monthly is of utmost importance. Both the bank and the business owner maintain independent records of the checks issued, deposits, and the balance in the bank account. The bank reconciliation helps validate that these independent records are matching.

In general, you will have differences between what your bank statement is showing vs. what your accounting records are showing.

Normal differences between bank and accounting records
  •    Deposits in transit
  •    Outstanding checks
  •    Bank service charges
  •    Interest earned credits
  •    Foreign Exchange transaction fees
  •    Charges for depositing NSF (Not Sufficient Funds) checks

We’ll take the time to learn about your business then develop a customized plan
to meet your company’s bookkeeping, accounting, financial analysis and
financial systems needs.

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