At Young Guns Bookkeeping, we reconcile your bank accounts, credit cards and other accounts so the transactions in your bookkeeping match what's actually happening in your bank account.

It sounds simple, but it's easy for things to get out of sync when you're busy running a business.

A payment might have been entered twice, a bank fee might have been missed, or a customer payment could be sitting there without being matched to the right invoice. Small things like this can add up and make your accounts harder to understand.

What Does Bank Reconciliation Involve?

In simple terms, we compare your bookkeeping records with your bank statements and make sure they match.

If you're using Xero, we'll work through the transactions coming through your bank feeds and make sure they're being allocated correctly.

We'll look for things like:

• Transactions that haven't been entered

• Payments that haven't been matched

• Duplicate transactions

• Incorrect amounts

• Bank fees and charges

• Customer payments

• Supplier payments

• Old transactions that are still unreconciled

If something doesn't look right, we'll investigate it rather than simply ticking it off and moving on.

Why Is It Important?

Your bookkeeping is only useful if the numbers are accurate. If your bank account hasn't been properly reconciled, your reports may not give you a true picture of what's happening in your business. That can make it harder to know how much money you really have available, what customers still owe you, or what bills have been paid.

Regular reconciliation also makes tax and BAS time much easier. Instead of trying to work through months of transactions at once, your books are kept up to date as you go.

Xero Bank Reconciliation

We work with businesses using Xero and can take care of the reconciliation process for you.

Xero's bank feeds are great for bringing transactions into your account automatically, but they don't mean your bookkeeping is automatically finished.

The transactions still need to be checked and matched properly.

We'll make sure payments are allocated to the right invoices, expenses are recorded correctly and anything that doesn't make sense is looked into.

How Often Should You Reconcile?

There's no one answer for every business. Some businesses benefit from weekly reconciliation, while others may only need it done fortnightly or monthly. It depends on how many transactions you have and how quickly things move through your business.

The important thing is that it gets done regularly. Leaving everything until the end of the month, quarter or financial year can turn a fairly simple bookkeeping job into a much bigger one.

We Can Take Care of It

If you're constantly looking at your Xero account and wondering why transactions aren't matching, or you've got a growing list of unreconciled items, it may be time to get some help.

Young Guns Bookkeeping can take care of your bank reconciliations and keep your bookkeeping up to date.

You get cleaner accounts, more reliable figures and one less bookkeeping job to worry about.

Need Help With Your Bank Reconciliation?

Whether you're behind on your reconciliations or just don't want to spend your time doing them, we're happy to help.

Get in touch with Young Guns Bookkeeping and let's get your books back in order.