![]() In a small business, that responsibility usually falls to the owner (or a bookkeeper, if you hire one. In huge companies with full-time accountants, there’s always someone checking to make sure every number checks out, and that the books match reality. Not sure which accounting method you’re using? This article on cash vs. ![]() If, on the other hand, you use cash basis accounting, then you record every transaction at the same time the bank does there should be no discrepancy between your balance sheet and your bank statement. This is to confirm that all uncleared bank transactions you recorded actually went through. ![]() You only need to reconcile bank statements if you use the accrual method of accounting. If you work with a bookkeeper or online bookkeeping service, they’ll handle it for you. If you do your bookkeeping yourself, you should be prepared to reconcile your bank statements at regular intervals (more on that below). Who’s responsible for bank reconciliations?
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