Account reconciliations can be time consuming, but I guarantee that it is a lot easier if you complete them frequently. The point of a reconciliation is matching information from 2 different sources. The bank knows how much your service charges are and whether or not all of cheques you have deposited have cleared. You on the other hand know what cheques you have written throughout the month that have not been deposited by the people they were written to. It is balancing the information from both sources so that you have the same figures clearing for a period.
One of the challenges when you wait to complete reconciliations is trying to remember what the purchase was for, especially if the receipt has a product code without a description.
Most people have a decent recollection about where they spent money in the past couple of months. Anything more than a couple of months is a gamble for the memory. You can also write a description of your purchase on the back of your receipts.
Also, try not to use highlighter markers on your receipts – this tends to fade them or erase the ink making your purchase document unusable later on.
If you decide that you need help with these time consuming reconciliation tasks and you are in the Edmonton are, give us a call, we’ll be happy to support you or take over the process for you.