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Reconciling Bank Accounts

In addition to making and spending money, you need to keep track of the money you have. This can be anything from the money in your petty cash drawer to the balance in a checking or savings account.

Cash accounts need receipts for any money that goes out or comes in. Just like a bank account, you have an opening balance, a closing balance, and transactions that explain the difference between the opening and closing balances.

In a way, bank accounts are easier to maintain, since the bank sends you periodic statements. When you receive these statements, it’s a good idea to reconcile the statement with your own records as soon as possible. Often there are miscellaneous bank fees or other transactions that you might not have entered into your record.

Brass Jacks Bookkeeper allows you to electronically reconcile your bank statements with the transactions you entered to help you keep accurate and up-to-date records.