Bank reconciliations can be troublesome to take care of, especially when you’re not sure of the delicate process that is in place in order to ensure that everything is done properly. The process that is involved ensures that the records of the company are correct and that they reflect the same figures that are in the bank records. This is to eliminate any discrepancies that might take place when a business isn’t paying close enough attention to their business records in order to ensure that the two are balanced.
Bank reconciliations for a checking account of a company starts with taking account of the balance in each bank statement and making notations about each balance. Such notations may include that the amount that is listed on the bank statement is not the same as the amount that currently appears in the company records. This can be due to payments that have been made or checks that have been written that have not yet cleared, and are not reflected in the current statements.
Another discrepancy remains with the bank fees that are incurred on certain account features, such as holding a checking account and paying interests. These would not be recorded in the company’s records as of yet, which can make the final totals differ from each other. That is why many people struggle to maintain their accounts, especially when they have a lot of important matters to attend to.
A&R Income Tax can take care of your bank reconciliations for you so that you can have the ease of mind that you deserve when it comes to ensuring that your company records accurately reflect your bank records so that you can be aware of exactly how much money you have in your accounts. There’s no need for you to make multiple trips back and forth to the bank in order to determine the balance on your accounts. Instead, we do all of the legwork for you, and our years of expertise in the field of handling bank reconciliations ensures that we can get the job done.
We understand that conducting bank reconciliations on your own can be a tedious affair with a lot of paperwork to go through before an ultimate balance can be arrived at. However, it has to be done, so why not spare yourself from the dull task of balancing accounts and allow the tax experts to do the work for you? We identify all the differences in the bank reconciliations and do all of the necessary adjustments in order to reflect the true number that is in your accounts. As long as you are maintaining accurate financial statements of your own, then the process is likely to go more smoothly.