Bank and Credit Card Reconciliation
Good business decisions start with good numbers—keeping your financial records accurate keeps your business strong and steady.
Bank and credit card reconciliation entails aligning each entry in your accounting records with the corresponding transaction on your bank or credit card statement. By reconciling your records with external statements, you can detect and resolve discrepancies, ensuring your financial data remains reliable and consistent.
While QuickBooks Online (QBO) auto-reconciles accounts, manual reconciliation is still important to catch missed transactions, correct errors, and gain clearer insight for accurate financial reporting
Promptly reconciling credit card statements upon receipt is crucial, as they tend to carry a higher risk of fraudulent activity.