Make Sure Your Records Match Reality

Monthly reconciliation of bank and credit card accounts for businesses in Midland, Texas.

When your bookkeeping records do not match your bank statements in Midland, you cannot be sure your numbers are right. Bank and credit card reconciliations compare every transaction in your books to every transaction on your statements, so you know the records you rely on are accurate.

On Track Bookkeeping LLC performs monthly reconciliation of bank and credit card accounts to ensure your records match financial institution statements. The process identifies errors or missing transactions quickly, improves the accuracy of your financial reports, and builds confidence in the numbers you use to run your business.

If you need help reconciling accounts in Midland, contact On Track Bookkeeping LLC to discuss how the service works.

What Happens During Monthly Account Reconciliation

Reconciliation in Midland starts with downloading your bank and credit card statements, then comparing each transaction in your bookkeeping software to each transaction on the statement. Every deposit, payment, fee, and transfer is checked line by line to confirm the amounts match and the dates are correct.

After reconciliation is complete, you will notice that your ending balance in the software matches your ending balance on the statement, and any discrepancies have been identified and corrected. Errors or missing transactions are caught quickly, which prevents small mistakes from turning into larger problems over time.

The service covers checking accounts, savings accounts, and credit card accounts used for business purposes. It does not include personal accounts or accounts that are not connected to your business operations. Reconciliation is typically completed within the first week after the month closes.

What business owners want to know before starting

Business owners in Midland who are considering monthly reconciliation often want to know what the process involves, how long it takes, and what happens if errors are found.

What does bank and credit card reconciliation involve?
Reconciliation involves comparing every transaction in your bookkeeping records to every transaction on your bank and credit card statements. The goal is to confirm that the amounts, dates, and categories match and that your ending balance is correct.
How long does monthly reconciliation take?
Most reconciliations are completed within one to three business days after statements are available, depending on the number of accounts and the volume of transactions. You will know your accounts are reconciled before the middle of the following month.
What happens if the reconciliation finds an error?

On Track Bookkeeping LLC will identify the error, determine whether it is a bookkeeping mistake or a bank error, and make the necessary correction. You will be notified of any significant discrepancies.

Why is monthly reconciliation better than reconciling less often?
Monthly reconciliation catches errors while they are fresh and easy to trace. Waiting longer means more transactions to review and a higher chance of missing mistakes or duplicate entries.
What do I need to provide for reconciliation?

You need to provide access to your business bank and credit card accounts, either through online banking credentials or by uploading PDF statements each month. On Track Bookkeeping LLC will guide you through the setup process.

Businesses in Midland that reconcile accounts monthly report fewer errors, more accurate financial reports, and greater confidence in their bookkeeping records. To start monthly reconciliation, get in touch with On Track Bookkeeping  LLC.