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Re: Bank Statements.

David Godfrey wrote:
Hi All,

What does everyone do to enter information from bank statements?
And once entered how do you reconcile this info with other transactions?

I'm not sure what you mean by "info from statements" but I can tell you what I do:

Because I'm lazy, and run a small business, I enter all my transactions directly from my bank statement, even sales! I'm sure this is NOT good practice. I don't run accounts with my customers which makes it much easier to get away with. I treat my monthly purchase accounts as a single transaction - also not good practice but because I'm small I can get away with it and it makes data entry simpler. I don't use purchase orders, so if you need those you might have to take an extra step.

* I download my transactions from the bank's web site once per week and convert to a spread sheet
* I append the spread sheet to a running spread sheet with the whole years transactions on it, including a running balance. * I enter this week's transactions according to need: purchase invoices, GL's, cash receipts or sales invoices. Most of my sales are paid directly into my account by customers, otherwise I match up cash/cheques/etc from my deposit slips using Cash Receipts, or in many cases raise a Sales Invoice including it's payment in one transaction. That won't work for everyone, but it does for me. * After entering the above, I do Cash -> Reconciliation for each relevant bank account and make sure they balance to the spread sheet (see above). * I double check that I entered dates correctly before clicking "Done". It can really mess you up if you make a mistake with dates on transactions, and doing it weekly means it's trivial to check that the dates are within the last week and look correct. * At the end of each month I cross check both the opening AND closing balances on the bank's formal statement with the LSMB account.

I'm fairly sure this is not what you want to know, but it might get you started.



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