cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
LeslieBarber
Level 6

How often do you balance your books?

Or does your Accounting Professional balance your books? :)

7 Comments
Raywhite28
Level 7

How often do you balance your books?

I balance my clients books monthly.

Rustler
Level 15

How often do you balance your books?

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

 

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

katyqbadvisors
Level 3

How often do you balance your books?

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 7

How often do you balance your books?

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
Level 6

How often do you balance your books?

@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
Community Champion

How often do you balance your books?

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
Level 3

How often do you balance your books?

Not as often as I balance my clients!
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us