With today’s technology, many businesses use the bank’s online banking systems to keep an eye on their account balance. While this habit prevents overdrafts, it doesn’t replace the need to reconcile the bank account in QuickBooks. If the bank account isn’t reconciled, the financial reports are very likely to be incorrect. Was a check double-entered or a debit card transaction forgotten? Were all of the deposits recorded? Reconciling the bank account keeps the integrity of the account and reports. Call the Ketel Thorstenson QuickBooks ProAdvisor Team with any questions.
Ketel Thorstenson, LLP, has over 60 CPA’s on staff and has been serving clients across the region since 1936. With offices in Rapid City, Spearfish, Custer, SD, and Gillette, WY, the firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks, bookkeeping, payroll, business valuation and estate planning.