Jun 5 • 🧾 Bookkeeping
EOFY Action Series: Day 1
DAY 1 — Reconcile Your Accounts so that they are up to date- now!
Bring every bank, credit card, PayPal, Stripe account to $0 unreconciled.
Then look to see if the balances agree to the balance on your bank statements. If not let’s take a look and find our why not. It is crucial that these agree and, even though you have Xero, QuickBooks or other accounting software it is very easy for this to be out. Run the Bank Reconciliation in Xero. Are there outstanding receipts showing in Xero? Are there outstanding payments listed? What about QuickBooks? -have you used the ‘reconcile’ function? Look at the balance sheet-are the correct balances showing there?
I will do a short video later today and post showing you exactly what to look at.
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EOFY Action Series: Day 1
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