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Bank Feeds

Bank feeds seem like an attractive automated way to enter transactions. With bank feeds, books are technically reconciled. However, automated bank feeds fall short of a complete solution. Bank feeds introduce a layer of generalization. Our tailored approach provides a more precise state of your financial affairs in allocations and client costs.

Transactions are downloaded from your bank to your accounting software system. The bookkeeping service then reconciles (matches) the bank statements based on those transactions and any transactions you manually entered. If the numbers match, reconciliation is complete. That’s it! But what about the rest? 

 

Reconciliation is not only about the numbers matching. There are many factors to review before closing books for that month or statement cycle. 

  • Are the transactions allocated to the chart of accounts correctly? 

  • Are split allocations entered correctly for vendor payments?

  • Are the payee names accurate as downloaded? 

  • Are the client costs allocated correctly and entered into matters for invoicing? 

  • What about trust transactions, have they been entered through the matters? 

  • Is IOLTA documentation complete for each trust transaction? 

  • Have the uncleared items been reviewed, especially for trust transactions and client costs?

  • What happens when transactions are missing from a bank feed, such as uncleared checks? If those are trust checks, IOLTA reporting will be incorrect and may need to be redone for prior months. 

  • Are you able to contact the bookkeeper directly to discuss discrepancies? 

 

If you don’t know the answers to these questions, you need a bookkeeping service with a hands-on approach. A bookkeeping service that understands your business and works with your team to ensure that reconciliation is truly complete, the month is closed, and you can be confident in the result.

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