Tag Archives: Bookkeeping

12.28 2020

Bank Reconciliation

First, what is a bank reconciliation?

When you reconcile your bank account or statement, you compare your internal financial records such as bookkeeping records against the records provided by financial institutions.  A monthly reconciliation helps your business to detect discrepancies and errors as well as identify any unusual transactions that might be caused by fraud actions. In other word, this practice can help your business inefficiencies in accounting procedures.

 

         How often to reconcile bank statements?

Many business performs monthly bank reconciliation for identifying problems. It is the best to have a regular schedule and save bank statement or other related document for avoiding time-consuming task.  Some businesses with a lot of transactions, reconcile on a daily basis.  If something does not match with your record against bank statement, it might be due to timing differences that items or checks have not yet cleared. However, bookkeepers and accountants should be able to explain those differences.

 

Once you have figured out the reasons why bank statement and records do not match up, you need to record them by making adjusting journal entries.

 

Best Bank Reconciliation Practice and Tips

To reconcile bank accounts, you need to compare your internal record of transactions, balances, and descriptions to your monthly bank statement. Make sure matching the amounts and stating any memo or note for differences that requires more investigation and detail.

 

09.13 2015

Good Bar Makes Best of West

Good Bar SeattleGood Bar has been nominated for King 5 New’s Best of Western Washington awards for 2015. They’re on the roster for Best Trendy Bar and Best Cocktails. Winners are determined by the public, and voting is open through October 23rd, so if you agree, get online and give them your vote!

If you haven’t heard yet, Good Bar is one of Seattle’s newest watering holes located in Pioneer Square, and one of our newest clients. Good Bar is known for serving up classic cocktails and quality food while providing a great neighborhood feel. Owners Josh and Nancy are amazing to work with!

09.10 2014

EJK Rocks Capitol Hill

H5P_piejarWe’re excited to expand our services on The Hill to working with Dani Cone, owner of Fuel Coffee and High 5 Pie. Dani’s been in the business of coffee for over 20 years, and she brings the same passion to her pies. At EJK our absolute favorite slices are the banana cream and chicken pot pies. Fortunately for us all, you can find both Dani’s pie and coffee at High 5 Pie and all three Fuel Coffee locations*.

*Additional Fuel Coffee locations in Montlake and Wallingford neighborhoods.