Banking

Bank reconciliation is the process of matching figures from the bank statement to those in the accounting records. This process is used as a control to uncover any possible discrepancies and can detect or prevent fraud. A bank reconciliation is also a very important part of your cash control procedures as it verifies the amount of cash you have in your chequing account - avoiding overdraft or NSF cheques.

Our bookkeeping process includes reconciling all bank statements, line of credit, credit cards, and merchant accounts (Visa, MasterCard, Amex, PayPal). This ensures that all transactions are accounted for in your books. Statements are reconciled monthly and provides reassurance that there are no errors in your financial reports.

We look after preparing a list of deposits in transit, listing outstanding cheques that have not yet cleared the bank, record bank charges or credits, and calculate the cash balance.

Give us a call to discuss our Bookkeeping solution - (416) 803-5638.