About Quick Tips
At every Synergy48 Group meeting members share useful information from their industry that may be of value to other members’ clients. Sometimes it’s just a quick tip like this one.
QUICK TIP: Regularly check there’s a match between your bank statement and your cloud based accounting system bank account balance.
Most of us are now using cloud based accounting solutions and in some cases, users believe that because they have a feed from the bank they don’t need to check and make sure all is as it should be. Sometimes those feeds fail and miss transactions or duplicate them. More often though, users will enter spend money transactions or receive money transactions to wrong bank accounts and even put these transactions in and then duplicate the information by dealing with a feed item separately. You should look at your bank generated statement and check that your cloud based accounting system’s bank account balance matches what the statement says. Regularly.