Confused what a bank reconciliation is? Don’t know how to do one? Classifying transactions and monthly bank reconciliations are two of the most essential services needed for your business’s books. Together, they provide a guarantee that your books are accurate, organized, and secure. Not classifying your transactions can pile up quickly, so make sure to do this daily or at least weekly. Spending 5-10 minutes a day is much easier than spending 10-20 hours months later.
Both of these actions also provide valuable security to your company’s finances as both of these will give you a clear picture of ALL the transactions happening in your company. If you have a clear picture of all of the transactions, the chances of someone taking money from your company are exponentially smaller. Follow along in the video to see how to do both classifications and bank reconciliations in QuickBooks Online.