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Bookkeeping For Dummies, 2nd Australian & New Zealand Edition by Lynley Averis, Veechi Curtis

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Chapter 10

Reconciling Accounts

In This Chapter

arrow.png Calculating your opening bank balance

arrow.png Getting your first bank reconciliation off the runway

arrow.png Maintaining reports that show you’ve done the deed

arrow.png Employing tricks of the trade when all seems lost

arrow.png 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 ...

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