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reconciling bank accounts daily

  • April 22, 2023
  • 2 replies
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M

I would like to reconcile my bank account daily? What are the downsides? 

Best answer by Laura03

Hello,

I think the only downside to reconciling bank accounts daily, is having to reconcile bank accounts daily. 😉

The reconciliation process is exactly the same whether monthly or weekly or daily, frequency being the only variable in your question.  Understandably, the volume of transactions to reconcile decreases as reconciliation frequency increases.

Please provide more details about your situation, and maybe the Community will offer more detailed opinions.  Thank you, and good luck!

      2 replies

      Laura03
      Captain II
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      • Laura03
      • Captain II
      • Answer
      • April 24, 2023

      Hello,

      I think the only downside to reconciling bank accounts daily, is having to reconcile bank accounts daily. 😉

      The reconciliation process is exactly the same whether monthly or weekly or daily, frequency being the only variable in your question.  Understandably, the volume of transactions to reconcile decreases as reconciliation frequency increases.

      Please provide more details about your situation, and maybe the Community will offer more detailed opinions.  Thank you, and good luck!

      ~ Laura Barber, WM Synergy
        Kandy Beatty
        Captain II
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        • Kandy Beatty
        • Captain II
        • April 24, 2023

        Hi @manlight 

        As @Laura02 stated, there is not much difference to reconciling daily as there is to monthly or weekly. It would be more efficient. It also depends on the number of transactions you have. If you have many transactions daily, then it would make sense. I have seen accountants do it daily due to high volume. 

        If you have only a few, it may not be as time efficient. 

        Kandy ~ If a member helped you, please *Like* their post, and if a member provided an answer to your question, please mark it as *Best Answer*.
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