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Home > Archive > Chess politics > January 2005 > bank reconciliation
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bank reconciliation
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| Douglas L Stewart 2005-01-21, 12:45 am |
| I certainly don't mean to get in the middle of a great back and forth
argument between Stan and Bill, but I find all this talk of reconciling
bank statements very interesting.
I've worked places in the past where the bank account reconciliation
falls behind - it happens lots of places. Bank reconciliation is
*hard*, and accounting people fall behind. Heck, it's hard some times
to figure out what the few measly transactions on in our State
Affiliate's measly bank account were sometimes.
Plenty of people will bug you for quarterly numbers the moment they
think they should be available, but people rarely complain about the
bank reconciliation unless it falls far there. It is often treated like
a background task compared to more pressing accounting needs.
---
Douglas L Stewart
douglas@pobox.com
President, Mississippi Chess Association
http://www.mcachess.org
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| StanB 2005-01-21, 12:45 am |
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"Douglas L Stewart" <douglas@pobox.com> wrote in message
news:tpZHd.51169$Z%.27572@fe1.texas.rr.com...
quote:
> Plenty of people will bug you for quarterly numbers the moment they think
> they should be available, but people rarely complain about the bank
> reconciliation unless it falls far there. It is often treated like a
> background task compared to more pressing accounting needs.
Yes, no, and maybe so. Yes a lot of companies fall behind. And so a lot of
folks put it on the back burner because it is hard for journeyman
accountants and bookkeepers. Know that, the lack of timely bank recs is just
one symptom of a poorly managed company.
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| Randy Bauer 2005-01-21, 12:45 am |
| That is why you hire accountants.
"Douglas L Stewart" <douglas@pobox.com> wrote in message
news:tpZHd.51169$Z%.27572@fe1.texas.rr.com...
quote:
>I certainly don't mean to get in the middle of a great back and forth
>argument between Stan and Bill, but I find all this talk of reconciling
>bank statements very interesting.
>
> I've worked places in the past where the bank account reconciliation falls
> behind - it happens lots of places. Bank reconciliation is *hard*, and
> accounting people fall behind. Heck, it's hard some times to figure out
> what the few measly transactions on in our State Affiliate's measly bank
> account were sometimes.
>
> Plenty of people will bug you for quarterly numbers the moment they think
> they should be available, but people rarely complain about the bank
> reconciliation unless it falls far there. It is often treated like a
> background task compared to more pressing accounting needs.
>
> ---
> Douglas L Stewart
> douglas@pobox.com
> President, Mississippi Chess Association
> http://www.mcachess.org
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| Angelo DePalma 2005-01-21, 12:45 am |
|
Stan,
If this were TV -- which nobody on this group watches -- now would be a
great time to advertise your accounting firm. Don't be shy. It's not too
late to become USCF's next acting CFO. Don't forget to wear a gas mask and
rubber suit while you work, lest you fall ill.
Whaddya think of:
"You Can't Lose with Booz."
"We'll mount your account."
"Here at Stan Booz, CPA, zeros are our play things."
"StanB" <stanbooz@comXXXcast.net> wrote in message
news:L9qdnTF9bPKD-23cRVn-tw@comcast.com...
quote:
>
> "Douglas L Stewart" <douglas@pobox.com> wrote in message
> news:tpZHd.51169$Z%.27572@fe1.texas.rr.com...
>
>
> Yes, no, and maybe so. Yes a lot of companies fall behind. And so a lot of
> folks put it on the back burner because it is hard for journeyman
> accountants and bookkeepers. Know that, the lack of timely bank recs is
> just one symptom of a poorly managed company.
>
>
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| HAASpittle 2005-01-21, 12:45 am |
| "If this were TV -- which nobody on this group watches -- ..." (Angelo)
============
Oh.. I could get through the day without a peek at CNN,.. then a flip to
the Discover Channel,.. and the History Channel.
Ever seen that clip from the landing at Omaha beach where the guy in the
center frame gets shot while coming ashore? I bet I've seen that about 5000
times. And then there is the film taken from one B-24 of a lower B-24 that
gets hit with an 88 round right at the base of the wing. The wing folds up in
flames and the stricken B-24 immediately starts to roll into a death dive. I
bet no one got out. Ever seen the clip showing Marines on top of a sand
covered bunker. Several are shooting and one is throwing a grenade. Good
action shot taken during the battle for Tarawa. The bunker was the Jap HQ on
Tarawa. Still there but no longer covered with sand.
Old Haasie
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| Paul Rubin 2005-01-21, 6:45 am |
| "StanB" <stanbooz@comXXXcast.net> writes:
quote:
> Yes, no, and maybe so. Yes a lot of companies fall behind. And so a lot of
> folks put it on the back burner because it is hard for journeyman
> accountants and bookkeepers. Know that, the lack of timely bank recs is just
> one symptom of a poorly managed company.
What exactly is reconcilation? Matching up the ledgers with the bank
statements and noticing discrepancies? Obviously that has to be done
in a business but I don't see what's so hard about it; it's just grunt
work. Is there more?
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| Douglas L Stewart 2005-01-22, 5:46 pm |
| I am not an accountant, but my understanding is you're making sure that
every transaction in the bank account matches something on your
income/expense statements. It's a way of making sure that nothing has
fallen through the cracks. For instance, the USCF might have sent a
check for $20k on something but someone forgot to record it in the books
as an expense. That obviously is very bad, but at least when you
reconcile your bank statement you can catch it.
Paul Rubin wrote:
quote:
> "StanB" <stanbooz@comXXXcast.net> writes:
>
>
>
> What exactly is reconcilation? Matching up the ledgers with the bank
> statements and noticing discrepancies? Obviously that has to be done
> in a business but I don't see what's so hard about it; it's just grunt
> work. Is there more?
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| Douglas L Stewart 2005-01-22, 5:46 pm |
| I agree it is a symptom of a poorly managed company, but the more places
I work out the more I realize that many companies/organizations are
poorly managed, especially in the area of finance/accounting. I'm just
saying we shouldn't be shocked when this happens at USCF.
Let's face it, the USCF will never be an 'A' organization. What we hope
for is a 'B' organization run on the cheap. I wouldn't want the USCF to
do everything the best way that money can buy - because I want the USCF
to exist on a low cost structure.
I also agree with Randy's comment about hiring accountants. I hate
seeing the books anywhere maintained by a non-CPA. Of course again, we
can't always afford the best that money can buy.
-Douglas
StanB wrote:
quote:
> "Douglas L Stewart" <douglas@pobox.com> wrote in message
> news:tpZHd.51169$Z%.27572@fe1.texas.rr.com...
>
>
>
>
> Yes, no, and maybe so. Yes a lot of companies fall behind. And so a lot of
> folks put it on the back burner because it is hard for journeyman
> accountants and bookkeepers. Know that, the lack of timely bank recs is just
> one symptom of a poorly managed company.
>
>
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"Douglas L Stewart" <douglas@pobox.com> wrote in message
news:gIzId.54354$Ta2.14288@fe2.texas.rr.com...
quote:
>I am not an accountant, but my understanding is you're making sure that
>every transaction in the bank account matches something on your
>income/expense statements. It's a way of making sure that nothing has
>fallen through the cracks. For instance, the USCF might have sent a check
>for $20k on something but someone forgot to record it in the books as an
>expense. That obviously is very bad, but at least when you reconcile your
>bank statement you can catch it.
That is only one benefit. Another is when you print out the income statement
you know how you're doing.
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"Douglas L Stewart" <douglas@pobox.com> wrote in message
news:QMzId.60692$Z%.55794@fe1.texas.rr.com...
quote:
>I agree it is a symptom of a poorly managed company, but the more places I
>work out the more I realize that many companies/organizations are poorly
>managed, especially in the area of finance/accounting. I'm just saying we
>shouldn't be shocked when this happens at USCF.
The accounting department always gets the short end of the stick. No one
understands what they do and don't see why it takes so long. They also don't
like it when they try to impose internal controls or relate bad news.
Salesman especially hate to document their expense sheet or hear that they
sold something at below cost.
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| Paul Rubin 2005-01-27, 9:47 pm |
| "StanB" <stanbooz@comXXXcast.net> writes:
quote:
> Yes, no, and maybe so. Yes a lot of companies fall behind. And so a lot of
> folks put it on the back burner because it is hard for journeyman
> accountants and bookkeepers. Know that, the lack of timely bank recs is just
> one symptom of a poorly managed company.
What exactly is reconcilation? Matching up the ledgers with the bank
statements and noticing discrepancies? Obviously that has to be done
in a business but I don't see what's so hard about it; it's just grunt
work. Is there more?
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