1. Intuit Bookkeeping - Financial Statement Analysis - Week 1

Bank Reconciliation makes sure bank and book accounts match up by checking for any discrepancies.

Closing the books monthly is a great way to maintain accounts. Not all companies close monthly.

Best practices for reconciliation is balance sheet approach.


Balance Sheet Approach // reconciling all accounts listed on your balance sheet

    1. Gather documents and records

    2. Compare information

    3. Make adjustments if needed

    4. Check to make sure your sheet is completed


Closing Process:

    1. Close Revenue to Income Summary

    2. Close Expense Accounts to Income Summary

    3. Close Income Summary to Retained Earnings

    4. Close Dividends Account to Retained Earnings


Reconciliation Process:

    1. Compare internal accounts to external account statements

    2. Ensure all outgoing funds are reflected on each account

    3. Ensure all incoming funds are reflected on each account

    4. Check for errors and make corrections if found. Adjustment journal entries.

    5. Finalize and recalculate the balances for accuracy


Account Reconciliation:

    - Act of reconciling one set of transactions with another set. (An account with the same account)

    - Ensure both set matches.

    - Ensure nothing is missing or incongruent.


Common Types of Reconciliations

    - Account Reconciliation

    - Credit Card Reconciliation

    - Customer Reconciliation

    - Bank Reconciliation

    - Vender Reconciliation

    - Balance Sheet Reconciliation


Interpreting Financial Statements:

    - Help Communicate Financial Health

    - Analyze the Information

    - Use that information to make informed decisions

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