Tip Of The Day - 10/12/05 - Bank Account Reconciliation

Discussion in 'Industry Surveys & Polls' started by Sean Adams, Oct 12, 2005.

  1. Sean Adams

    Sean Adams LawnSite Gold Member
    Posts: 3,597

    This is not a nesessity but it is something I have done everyday for at least the last 10 years... and I am making it a tip of the day because I just spoke to a business owner who had some serious banking issues.

    Most banks have an automated phone number you can call and access your bank account. I do this everyday. I check which checks have cleared, what has been automatically deducted from the account, when deposits are made accessible, etc... Everyday at 2 pm I check this and it takes about 5 minutes. I know what is in the bank to the decimal point at all times.

    I spoke to a business owner who bounced a bunch of checks - he could not figure out what was going on. He went through a nightmare trying to figure things out...ended up a former employee stole a book of checks and ran around town and cashed over $2,000 in checks. The first check was for $50 and the other bogus checks were not written until 4 days later. If he was checking it daily his former employee (who is now in jail) would have only gotten away with $50.

    Like I said, not a necessity but nice to do if you have the time and want the peace of mind.
     
  2. SproulsLawnCare

    SproulsLawnCare LawnSite Senior Member
    from IN
    Posts: 365

    On-line banking works well too. Many banks offer on-line bill pay and several financial programs for the computer will allow you to down load banking transactions, keeping your records up to date.
     
  3. Varsity L&G

    Varsity L&G LawnSite Senior Member
    Posts: 418

    B of A on-line banking rocks. I know I am in my account at least 3 or 4 times a day. Nothing gets by me. I like to see my money in there. LOL

    Not sure about anyone else but another nice feature is when you log-on you get the last time account was accessed in the upper left corner.
     

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