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Why You Need To Reconcile Regularly

SkynarBookkeeping / October 22, 2020

Let’s talk about reconciling your account(s) on a regular basis and why it’s necessary for not only your bookkeeping but your business. First, what does it mean to reconcile your account? This means you compare your books to your bank accounts over a period of time to make sure everything aligns perfectly (example: comparing your records to your bank account from March 1 - 31, 2019). If there are any discrepancies, you can catch them and act on it. Also, note that you only need to reconcile your accounts if you use the accrual method of accounting. If you use cash basis accounting, then every transaction is recorded at the same time as the bank, so there are no discrepancies.

There are four big reasons you need to reconcile your account(s) on a regular basis.

    What Are Your Accounts Payable And Accounts Receivable?

    SkynarBookkeeping / February 27, 2019

    Let’s talk about the difference between accounts payable (A/P) and accounts receivable (A/R). It’s easy to get these two confused, but they’re important components to your books. They’re the primary indicators of the financial health of your company, which means they’re constantly changing to keep up with all the moving pieces. Let’s focus on the basics.

    Account Payable is a company’s liability account where they record the amounts they owe to vendors or suppliers for their goods or services the company received on credit.  

    Accounts Receivable is a company’s current asset account where they record the amounts they have a right to collect from customers who have purchased their goods or services on credit.

    The Five Types of Accounts

    SkynarBookkeeping / November 9, 2018
    By: Rachel Himmelspach

    When setting up your books, you must first manage your accounts. The word “account” in bookkeeping doesn’t refer to bank accounts, which one might first think. It actually refers to the different kinds of transactions made, which will all be grouped into their rightful place, a.k.a. “account.” Keep this in mind moving forward. Some examples of accounts are sales, payroll, and inventory, just to name a few.

    Spring Clean Your Books

    SkynarBookkeeping / March 22, 2018
    By: Rachel Raupp

    Spring has finally arrived! The sun is shining, birds are chirping, and…your books are a mess. It’s time for some major spring cleaning! Just like you do with your house, you also need to do with your books. Leave your Lysol where it’s at, instead grab some coffee and get to cleaning!

    Your books need to be accurate, so everything you’ll be doing will to be to maintain accuracy and up-to-date records. Are your accounts reconciled? Do your books match what’s in your bank account? If the answer is no, it’s time to make these yes’s. Verify that all expenses are assigned to the correct accounts. This will help you avoid any “oops” moments you may run into in your books.

    Double Check Your Bookkeeping In These Five Ways

    SkynarBookkeeping / March 8, 2018

    Mistakes are likely happen in your bookkeeping, but it’s best if they don’t! We have a few common errors that can occur and how to avoid them. They’re easy to miss but also easy to fix. Sometimes it’s as easy as double-checking your entries and making sure numbers match up. When working on your books, be sure to keep your eye out for these five mistakes that can easily slip by unnoticed. 

    Contact

    Skynar Bookkeeping – Corporate Office – South Lyon, Michigan
    13052 Pembrooke Circle
    South Lyon, MI 48178
    Phone 734-335-7702
    Email info@skynarbookkeeping.com
    68300 CR 388
    South Haven, MI 49090
    Phone 734-335-7702
    2534 SW 13th Ave
    Cape Coral, Florida 33914
    Phone 239-361-2100

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