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LeslieBarber
Sep 20, 2017 10:48 PM UTC

How often do you balance your books?

Or does your Accounting Professional balance your books? :)

    7 replies

    Raywhite28
    Level 6
    Sep 21, 2017 12:42 AM UTC

    I balance my clients books monthly.

    Rustler
    Level 15
    Sep 21, 2017 9:30 AM UTC

    Leslie, what do you mean exactly by balance the books?

     

    Theoretically if you enter transactions as they happen, there should be no issues.

    katyqbadvisors
    Sep 23, 2017 3:30 PM UTC

    Yes, that's true however there is always room for error which is why accountants and business owners balnce their books or close their books.  Your books are "balanced" or closed when the bank accounts and credit cards are reconciled and any adjusting journal entries are made. In a nutshell balancing ensures the accuarcy of your financials:)

    jessbru99568
    Level 2
    Sep 23, 2017 8:45 PM UTC

    I do all the reconciling for ours but our accountant does go over it yearly and balance and make sure everything is right on. One thing that I like is organization so I try to make sure it is always organized throughout the whole year. Makes it easier and faster at the yearend. 

    ShanaNiederman
    Sep 24, 2017 10:06 PM UTC

    @jessbru99568 That's how it is for me, too. I do all the daily/weekly/monthly tasks and then I get help with the big annual roundup and reconcilliation. 

    john-pero
    Level 12
    Sep 26, 2017 4:49 PM UTC

    For my large activity accounts (like checking) I try to reconcile monthly but I went through 7 months this year and when the Accountant's Copy was uploaded all those reconcilations went away and I had to do it all over again. It was a good exercise in making sure I did get all transactions entered but...

     

    Loan accounts get reconciled at least once a quarter (editing the memorized transactions that posted to account for principal and interest)

     

    And for one client the ability to add and edit has gone south with their bank no longer able to conncect to download - I now have to wait until month end to update.

     

    Bookkeeper4Hire
    Sep 27, 2017 12:41 AM UTC
    Not as often as I balance my clients!