Suzi Howk’s Post

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. Generally, bank accounts should be reconciled at least monthly. However, conducting weekly or daily reconciliations for accounts with a high volume of transactions can help uncover accounting errors and fraud quickly. Besides reconciling infrequently, other common mistakes include reviewing only large transactions, relying exclusively on bank records, routinely creating accounting entries to adjust for differences, and not accounting for outstanding checks and deposits. For any additional information go to: https://bit.ly/3SGdthS Contact an Axley & Rode advisor for guidance on how to reconcile your accounts and how QuickBooks can help make the process more efficient.

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. Generally, bank accounts should be reconciled at least monthly. However, conducting weekly or daily reconciliations for accounts with a high volume of transactions can help uncover accounting errors and fraud quickly. Besides reconciling infrequently, other common mistakes include reviewing only large transactions, relying exclusively on bank records, routinely creating accounting entries to adjust for differences, and not accounting for outstanding checks and deposits. For any additional information go to: https://bit.ly/3SGdthS Contact an Axley & Rode advisor for guidance on how to reconcile your accounts and how QuickBooks can help make the process more efficient.

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. Generally, bank accounts should be reconciled at least monthly. However, conducting weekly or daily reconciliations for accounts with a high volume of transactions can help uncover accounting errors and fraud quickly. Besides reconciling infrequently, other common mistakes include reviewing only large transactions, relying exclusively on bank records, routinely creating accounting entries to adjust for differences, and not accounting for outstanding checks and deposits. For any additional information go to: https://bit.ly/3SGdthS Contact an Axley & Rode advisor for guidance on how to reconcile your accounts and how QuickBooks can help make the process more efficient.

Reconciling bank accounts is critical to ensuring the accuracy of your company’s accounting records. Generally, bank accounts should be reconciled at least monthly. However, conducting weekly or daily reconciliations for accounts with a high volume of transactions can help uncover accounting errors and fraud quickly. Besides reconciling infrequently, other common mistakes include reviewing only large transactions, relying exclusively on bank records, routinely creating accounting entries to adjust for differences, and not accounting for outstanding checks and deposits. For any additional information go to: https://bit.ly/3SGdthS Contact an Axley & Rode advisor for guidance on how to reconcile your accounts and how QuickBooks can help make the process more efficient.

When reviewing your financial report, ensure you: - Verify bank, credit card, and PayPal balances against their respective statements. - Review any outstanding balances. - Match loan balances with loan statements. - Ensure depreciation has been applied to assets. - Check the business's accounts payable/creditor balances. - Confirm the accounts receivable balances. - Review the VAT/GST payable or refund balances. Please follow these steps when reviewing your financial statements. #BAS #GST #HMRC #ATO #GSTPreparation #AccountingTips #Xero #QuickBooks #BusinessFinance #VATComplianc #VATPreparation #GSTReturn #SmallBusiness #Bookkeeping #Finance

Top 4 Bookkeeping Mistakes You Should Avoid #2 Not Reconciling Bank Accounts Keeping your bank statements and bookkeeping records aligned is essential for accurate accounting. This process, known as reconciling your bank accounts, helps you identify errors and issues such as missing transactions, duplicate entries, unexpected charges, or even fraud. Regular reconciliation ensures your financial statements remain accurate and up-to-date. How to Prevent This Mistake: Commit to reconciling your bank accounts regularly—ideally every month. Utilise bookkeeping software that connects directly to your bank, automating transaction imports for seamless reconciliation. Be sure to also review your statements for any unusual or suspicious activity and contact your bank if something seems off. Keep your accounts in sync and maintain trust in your financial data. #bookkeeping #accounting #bankreconciliation #smallbusiness #financialaccuracy #businessgrowth #entrepreneurship

How trial balance debit and credit balance A trial balance serves as a snapshot of a company's financial standing at a specific moment. It ensures that the total debits match the total credits, maintaining the integrity of the double-entry accounting system. The structure of debit and credit balances is as follows: Debit Balances: - Assets (e.g., cash, accounts receivable, equipment) - Expenses (e.g., rent, salaries, utilities) - Losses (e.g., loss on sale of assets) Credit Balances: - Liabilities (e.g., accounts payable, loans) - Equity (e.g., capital, retained earnings) - Revenues (e.g., sales, interest income) - Gains (e.g., gain on sale of assets) In a trial balance, the sum of debit balances must equal the sum of credit balances. Any disparity indicates discrepancies in the accounting records that require investigation and rectification.

What are the Golden Rules of Accounting? 1) Debit the receiver ,credit the giver 2) Debit what comes in ,credit what goes out. 3) Debit all expenses and losses , Credit all incomes and gains. but before understanding golden rules , lets understand what dos it mean. As we know every transaction revolves around two aspects . in accounting terminology debit means -earnings (income)-inflow of cash credit means -expense (expenditure)-outflow of cash .these are two aspects .what are the types of accounts or classification of accounts types. Types of Accounts 🔵 Personal Account Debit the receiver ,credit the giver 🔵Real Account Debit what comes in - credit what goes out 🔵Nominal Account Credit all income and gains and debit all expenses and losses.

QuickBooks reconciliation is a crucial process for ensuring financial accuracy. It involves comparing transactions recorded in QuickBooks with bank statements to identify discrepancies, thereby ensuring that the company's financial records align with its actual bank account balances. Through reconciliation, businesses can detect errors, fraud, or missing transactions, helping maintain financial integrity and reliability. #quickbook #reconciliation #financialreporting #Bookkeeping #upwork #fiver

Accounts receivable in accounting : It represents money owed by entities to the firm for products or services provided on credit, shown as an asset on the balance sheet. The accounts receivable process involves invoicing, collections, and cash posting after payment collection. Businesses aim to collect outstanding invoices promptly to maintain liquidity and minimize investment risk. Two common methods for measuring accounts receivable are the allowance method and the direct write-off method. Accounts receivable can be used as collateral for loans or sold through factoring. It is crucial for companies to manage accounts receivable efficiently to ensure financial health and stability. #Accounting Knowledge