Bank Reconciliations: What You Need To Know To Thrive In Business

Bank Reconciliations: What are bank reconciliations and why they are so important!
My name is Mike Kelly, Owner of Mike Kelly CPA where I help my clients build a wealth by mastering business ownership, accounting and taxes.
My website and accounting practice can be found at www.mikekellycpa.com
Chapters (Time Stamps):
0:00 Introduction
1:15 Why Bank Reconciliations are important
4:08 What is bank a reconciliation?
7:21 Concept example of how Bank recs work.
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[@MoneyandLifeTV]

Good morning friends. The simple task of performing bank reconciliations can have major impacts in your business. In today's video I will share why bank recs are so important and give you a short example of how to create financial accounting records from bank statements.

[@susiekelly4322]

Nice to get information to help educate us differently!

[@MoneyandLifeTV]

Glad you think so! Thanks :)

[@jackepstein7805]

Thanks Mike. I love your videos. I’m starting a new job as a tax preparer this upcoming tax season and will be starting the process to become an EA next year. I’m trying to absorb as many videos of yours as possible as one of my first steps to becoming a true professional expert. Thanks for the excellent content you create.

[@MoneyandLifeTV]

Best of luck at the new position and thank you!

[@lpr1212]

Hi Mike, I’m just a person, not a business, and I reconcile my checkbooks every month to the .01. I’ll look for .12 if I have to. I’ve been doing it since I was 16. I’m the daughter of an accountant. Lynn 😀

[@MoneyandLifeTV]

Thanks for sharing Lynn! As a daughter of an accountant, you would make your parents proud!

[@mariachaires8063]

Thank you Mike!! I still have the business expenses xcel you created!! And i love sharing it! Now i definitely will use this. I nees to reconcile more often i wait like 2 months to it.

[@mariachaires8063]

Will you be sharing this excel for us to download?

[@MoneyandLifeTV]

Fantastic! Thank you for sharing the spreadsheet :) Waiting 2 months isn't too bad. But the sooner it is performed usually it is easier to reconcile. Once people wait 3 - 4 months reconciling can become really tedious.

[@MoneyandLifeTV]

Thanks for asking. Not this particular spreadsheet, but I am positive I will have more excel spreadsheets to download in the future.

[@MoneyandLifeTV]

Chapters (Time Stamps):
0:00 Introduction
1:15 Why Bank Reconciliations are important
4:08 What is bank a reconciliation?
7:21 Concept example of how Bank recs work.
📼 Checkout some of our most popular INVESTING and TAX related videos
✅ Earn $100,000 a year in dividends:
• Earn $100,000 Per Year in Dividend In...
✅ Dividend Investing Pros and Cons:
• Dividend Investing: Pros and Cons of ...
✅ Our Dividend Income Year 6:
• Our Dividend Income Growth Journey - ...
✅ Best Investments for each account
• Best Investments For Each Type of Acc...
✅ Calculating dividend tax rates:
• Your Dividend Tax Rates! 3 EXAMPLES! ...
✅ Making your dividends qualified!:
• Qualified Dividends Fully Explained (...
✅ How to save taxes on stocks:
• How To Save Taxes On Stocks - 5 Tax S...
✅ Capital Gain Taxes Explained:
• Capital Gains Tax Explained📈 How Stoc...
✅ New Tax Laws for 2020 Explained:
• New Tax Laws for 2020 Explained! (202...
✅ Dividend and REIT Taxation:
• Dividend and REIT Taxation Explained ...
✅ How to fill out the new 2020 W-4
• How to Fill Out the New 2020 W-4 Form...

[@roxannekoopman2066]

Hi Mike, I have 3 rental properties and each one has its own checking account. However, I only use one credit card for all 3 and I'm concerned that I might miss something when assigning the charges to the correct property. Should I be worried?

[@MoneyandLifeTV]

Hi Roxanne, no need to be worried, but something we should discuss when I see you to ensure nothing gets missed.