In This Chapter
Calculating your opening bank balance
Getting your first bank reconciliation off the runway
Maintaining reports that show you’ve done the deed
Employing tricks of the trade when all seems lost
Lining up for even more fun — reconciling other kinds of accounts
In this chapter, I talk about the process of comparing the closing balance in your set of accounts against the closing balance for the same date on the statement from your bank. Accountants and bookkeepers call this process reconciling your bank account.
Reconciling bank accounts isn’t some arcane activity invented by masochistic bean counters. Rather, reconciling accounts is the only sure-fire way to identify you haven’t made any mistakes, such as a payment entered as $900 instead of $90, a deposit entered twice or a bank feed that hasn’t come through properly.
The good news is that reconciling bank accounts is surprisingly quick and easy and, although you may find this hard to ...