Posted 3/26/2020 12:47 (#8140432 - in reply to #8140287) Subject: RE: Tax prep question
Southern Minnesota Between Freeborn & Wells
I used to quote 750 for a corporate return, assuming 1 and 2 were tight. I soon found that "bank reconciliation" is a foreign term to most............and getting the two to agree could easily take 3-5 hours.........300---500.
Although many (maybe most) don't reconcile their personal bank statement I always do. I would think this would be an automatic task for a bookkeeper for a business.
I was Treasurer for a local organization and performed a bank reconciliation each month. I retired from the position but took it back after a year since no one else would do it. When I got the briefcase back from the in between Treasurer I noticed all the bank statements were there but unopened. It was pretty obvious that he didn't reconcile. There was no indication of wrongdoing but I just assumed a Treasurer of an organization would reconcile even if they didn't reconcile their own personal account.
The Gal I hang around with laughs at me for reconciling my account often the very day the statements come out online. She used to work as a teller in a bank. She asks "don't you trust them?" My answer is that I trust them but mistakes may creep in.