Bank Reconciliations: What You Need To Know To Thrive In Business

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  • čas přidán 22. 08. 2024

Komentáře • 15

  • @MoneyandLifeTV
    @MoneyandLifeTV  Před rokem

    Good morning friends. The simple task of performing bank reconciliations can have major impacts in your business. In today's video I will share why bank recs are so important and give you a short example of how to create financial accounting records from bank statements.

  • @MoneyandLifeTV
    @MoneyandLifeTV  Před rokem

    Chapters (Time Stamps):
    0:00 Introduction
    1:15 Why Bank Reconciliations are important
    4:08 What is bank a reconciliation?
    7:21 Concept example of how Bank recs work.
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  • @jackepstein7805
    @jackepstein7805 Před rokem +1

    Thanks Mike. I love your videos. I’m starting a new job as a tax preparer this upcoming tax season and will be starting the process to become an EA next year. I’m trying to absorb as many videos of yours as possible as one of my first steps to becoming a true professional expert. Thanks for the excellent content you create.

  • @susiekelly4322
    @susiekelly4322 Před rokem +1

    Nice to get information to help educate us differently!

  • @mariachaires8063
    @mariachaires8063 Před rokem +1

    Thank you Mike!! I still have the business expenses xcel you created!! And i love sharing it! Now i definitely will use this. I nees to reconcile more often i wait like 2 months to it.

    • @mariachaires8063
      @mariachaires8063 Před rokem +1

      Will you be sharing this excel for us to download?

    • @MoneyandLifeTV
      @MoneyandLifeTV  Před rokem +1

      Fantastic! Thank you for sharing the spreadsheet :) Waiting 2 months isn't too bad. But the sooner it is performed usually it is easier to reconcile. Once people wait 3 - 4 months reconciling can become really tedious.

    • @MoneyandLifeTV
      @MoneyandLifeTV  Před rokem +1

      Thanks for asking. Not this particular spreadsheet, but I am positive I will have more excel spreadsheets to download in the future.

  • @lpr1212
    @lpr1212 Před rokem +1

    Hi Mike, I’m just a person, not a business, and I reconcile my checkbooks every month to the .01. I’ll look for .12 if I have to. I’ve been doing it since I was 16. I’m the daughter of an accountant. Lynn 😀

    • @MoneyandLifeTV
      @MoneyandLifeTV  Před rokem +1

      Thanks for sharing Lynn! As a daughter of an accountant, you would make your parents proud!

  • @roxannekoopman2066
    @roxannekoopman2066 Před rokem +1

    Hi Mike, I have 3 rental properties and each one has its own checking account. However, I only use one credit card for all 3 and I'm concerned that I might miss something when assigning the charges to the correct property. Should I be worried?

    • @MoneyandLifeTV
      @MoneyandLifeTV  Před rokem

      Hi Roxanne, no need to be worried, but something we should discuss when I see you to ensure nothing gets missed.