I always argue with the accountant about the time/money he spends on "reconciliations".
How can I, in a small business, contrive some transparent system to reconcile everything on a day-to-day basis?
I have my own account system in MS Access2003.
Please help, Peter
Most accounting software packages have automatic reconcilements of cash, payables, receivables, even "Db & Cr". With a little work they can also link the accounts to the appropriate income tax form. You should seriously consider using software such as Quickbooks or Peachtree. however I see that you're from Australia so maybe things are different downunder!
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On your ledgers, the bank is a debit because it is an asset. For the bank your checking account is a liability. Think of it this way, they owe you that money if you should want to change banks.
I have created several accounting systems based on MS-Access. It seems possible to have a reonciliation module where you could import transactions from your online banking. Have MS-Access identify what it couldn't match up. Then reconcile accodingly.
Some things may be "different downunder" where Peter lives, but where in the universe does Steve live that has "AUTOMATIC reconcilements"? Not in THIS world!
"Dean" wrote in message news: snipped-for-privacy@z34g2000cwc.googlegroups.com...
Thank you. I programmed my ledger with the usual Db & Cr, and I simply key into this all transactions from the bank statement. This is double-entried to the usual ledger accounts. The software does the usual subtraction to see if the whole ledger balances at the end of an entry session.
As a further aid to the accountant, I key in all the bank transactions, as is, into a datasheet and then a query so that any column can be sorted by chq No, date, Db or Cr.
I do not enter Debtors & Creditors into the ledger, but rather give him a list at the end of the year, as well as a trial balance of debtors.
Why on earth, with all this information, does he hack thru all the entries?
I do not throw all paperwork into a wheelbarrow for delivery to his office at the end of the year, and as an added bonus I attend to all tax payments and record everything.
Regards
How would anyone **else** know why your accountant must "hack through all the entries"? All **what** entries?
He is presumably reconciling accounts because you don't.
But why not ask HIM why he does these things? If he can't answer to your satisfaction, consider finding another accountant; your current accountant might be grateful!
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