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Others use a paper checkbook, and balance it each month, to keep a record of any written checks and other transactions. Some people rely on accounting software or mobile apps to track financial transactions and reconcile banking activity. How you choose to perform a bank reconciliation depends on how you track your money. Follow these steps to reconcile your bank accounts each month. Consider performing this monthly task shortly after your bank statement arrives so you can manage any errors or improper transactions as quickly as possible. It can be helpful to reconcile your bank accounts every month. By staying on top of your banking transactions, you can catch any issues early and work to solve them quickly.
#PERSONAL FINANCE SOFTWARE RECONCILIATION HOW TO#
Here’s a look at what it means to reconcile your bank account, why it’s important and how to do a bank reconciliation. Regardless of how you do it, reconciling your bank account can be a priceless tool in your personal finance arsenal. Reconciling your bank statement used to involve using a checkbook ledger or a pen and paper, but modern technology-apps and accounting software-has provided easier and faster ways to get the job done. Using this simple process each month will help you uncover any differences between your records and what shows up on your bank statement. One way to keep accurate records is through bank reconciliation. Keeping accurate records of your bank transactions can help you determine your financial health and avoid costly fees.