Recent Comments
    • Candy on Budget Crisis, Red Tape and teenage crushes...
      “@Shawn - Money can apparently buy a LOT of happiness - and it seems to come in the form of pills and smoke-able items. *sigh* (yeah, sure you didn'”
    • Shawn Powers on Budget Crisis, Red Tape and teenage crushes...
      “It always amazes me the number of overdoses and suicides in the celebrity death pool. I mean, I know, "Money can't buy happiness" -- but you'd think ”
    • Candy on Phooey on social media privacy
      “Justin - ah, so you keep separate accounts - how much bleeds over though? Do you think people pay attention to DuckDuckBlue? Or just to JustinRyan? Do”
    • Justin on Phooey on social media privacy
      “I doubt I have to tell you, but I'm in the "let it all hang out" camp. (Despite vicious rumors of being obsessively private.) My feeling is, I am wh”
    • Candy on Phooey on social media privacy
      “I guess my point is... if an employer is going to delve that deeply into someone's stuff as to look back through their wife's silly twitter account, d”

PostHeaderIcon Bank Errors…

“I don’t need to reconcile my account, I click that download button and it does itself.” I hear this from time to time and I just have to shake my head. People always assume that the banks are correct, but this simply is not always the case. I was reminded of this today when I was doing a bank reconciliation for a client. Oh, there’s sometimes an error of $0.50 or so, but this one was $11,000.00 – and NOT in the client’s favor. Ouch! That’s money they earned. If they weren’t reconciling their accounts on a regular basis, this very well may never have been caught. Amazing, right?

Not really. It happens every single day. “Back in the day” it was common because of the human factor, humans entered the data and mistakes were made. Nowadays, it’s mostly done by optical readers or MICR readers if it’s encoded. But the harsh reality is that the technology is not perfect. Mistakes happen.

Bottom line – make sure you are reconciling your accounts and do it monthly, you never know….

Share your thoughts.

CommentLuv badge