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7 Steps to Audit Bank Reconciliation Statements

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How to prepare bank account reconciliation

In that case, both unadjusted balances will need adjustments to arrive at the true, corrected, adjusted cash balance. For instance, if you haven’t reconciled your bank statements in six months, you’ll need to go back and check six months’ worth of line items. Whether this is a smart decision depends on the volume of transactions and your level of patience. If you use the accrual system of accounting, you might “debit” your cash account when you finish a project and the client says “the cheque is going in the mail today, I promise! Then when you do your bank reconciliation a month later, you realize that cheque never came, and the money isn’t in your books . Since the adjusted balance for both the bank book and bank statement is $400, it means there are no extra items that need to be reconciled.

Finally, the balances are compared again, at which point, both should be equal. As apparent, there are differences between the two statements.

First, check your two cash balances

Match transactions from your bank statement and general ledger account. Each transaction in one document should have a corresponding transaction in the other. Check the final figures on your bank reconciliation document against your general ledger totals and ensure they match. Compare the final figures on your reconciliation document to that account’s bank statement. Payments are automatically reconciled with the expenses charged by the user – it is easy, simple, and automated.

How To Do A Bank Reconciliation: Step By Step – Forbes

How To Do A Bank Reconciliation: Step By Step.

Posted: Mon, 02 Aug 2021 07:00:00 GMT [source]

Also, check for any miscellaneous deposits that haven’t been accounted for. Once you’ve located these items, you’ll need to adjust the G/L balance to reflect them. Common causes of discrepancies between bank statements and business records include outstanding checks, deposits in transit, interest income, and https://accounting-services.net/ bank service and overdraft fees. In the past, it was common for a company to prepare the bank reconciliation after receiving the monthly bank statement and before issuing the company’s balance sheets. However, with today’s online banking a company can prepare a bank reconciliation throughout the month .

Reasons for Difference Between Bank Statement and Company’s Accounting Record

It helps you keep a clean record of all of your bank transactions. When you reconcile your account, you can be assured there are no missing payments or transactions from your personal ledger, helping you avoid any miscalculations or overdrafts later on. When it comes to optimizing accounts payable management, reconciling your bank account is critical to staying on track. If you don’t ensure the business and bank are on the same page, tiny mistakes can snowball into huge problems.

How to prepare bank account reconciliation

This allows the company to verify its checking account balance more frequently and to make any necessary corrections much sooner. Every check amount on the bank statement must be compared to the check How to prepare bank account reconciliation amounts in the company’s general ledger Cash account. Any differences, such as the company’s outstanding checks and errors, will become part of the adjustments listed on the bank reconciliation.

Bank Reconciliation Process Flow

For example, you may have accepted checks on the closing date of the bank statement, or a check you recently wrote hasn’t been cleared. While accounting software apps that offer bank connectivity can expedite the reconciliation process, they should not replace performing your own monthly bank reconciliation. Many bank statements will separately summarize deposits and withdrawals as does the summary at the top of the QuickBooks reconciliation screen. First, try to match total bank deposits to total QuickBooks deposits by reviewing only deposit transactions. Then, match total withdrawals from QuickBooks and the bank statement. The deposits on your bank statement will likely have multiple checks grouped into a single transaction, particularly if you deposited the checks directly to your bank. When you make multiple deposits in one go, your bank will record them as a single deposit, which shows up in your bank statement.

How to prepare bank account reconciliation

It summarizes the beginning and ending balances, and it lists which transactions were cleared and which were left uncleared when you reconciled. This report is useful if you have trouble reconciling the following month. You have two options for recording your bank reconciliation. One is making a note in your cash book , and the other is to prepare a bank reconciliation statement .

Introduction to Bank Reconciliation

How you choose to perform a bank reconciliation depends on how you track your money. Some people rely on accounting software or mobile apps to track financial transactions and reconcile banking activity. Others use a paper checkbook, and balance it each month, to keep a record of any written checks and other transactions. You can also opt to use a simple notebook or spreadsheet for recording your transactions. The accounting records in-office should be used to adjust the bank statement. Using the cash balance shown on the statement, add back in any deposits “in transit”. These are amounts that are received and recorded by a business but not yet documented by the bank.

  • By doing so, it may be easier to invest the residual funds, as well as to monitor the status of the investment.
  • Bank reconciliation is a part of the internal controls of a company.
  • These are categories of discrepancies that cause a difference in the balances between the balances in the bank book and bank statement.
  • When the bank debits a depositor’s checking account, the depositor’s checking account balance and the bank’s liability to the customer/depositor are decreased.
  • For example, if a business pays a cheque to a supplier but the supplier does not cash the cheque in the bank in that month.

If your difference is, for example, $21.50, then look for a transaction for this amount on either your bank statement or the QuickBooks list of transactions. You can click on the amount column in the QuickBooks reconciliation screen to sort the transaction by amount.

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Carpet Flooring: Transform Your Space with Comfort and Style

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Carpet flooring

Carpet flooring remains a favorite choice for both homes and businesses. Why? Because it makes spaces feel warm, inviting, and cozy. Carpets aren’t just about looks—they add comfort, help save energy, and can completely change the vibe of a room. This guide aims to give you everything you need to know about choosing, installing, and caring for carpet flooring. Whether you’re dreaming of a soft bedroom carpet or a durable option for high-traffic areas, I’ve got you covered.

Understanding Carpet Flooring

What Is Carpet Flooring?

Carpet flooring is a soft covering made of fibers woven into fabric. Its main parts include the pile (the surface fibers), backing (the foundation), and fibers (materials like nylon, polyester, or wool). The fibers give carpets their texture and appearance. Modern carpets come in various materials, each offering different qualities, from wool’s natural softness to nylon’s toughness.

History and Evolution of Carpet Flooring

Carpets have been around for thousands of years, originally crafted by hand from animal hides or plant fibers. Over time, manufacturing became more advanced, making carpets more durable and diverse. Today, we have endless patterns, colors, and textures, thanks to technology. Innovations like stain-resistant fibers and eco-friendly materials have made carpets both practical and stylish.

Types of Carpet Flooring

Broadloom vs. Carpet Tiles:
Broadloom carpets are large rolls, typically measuring 12-15 feet wide, suited for smooth, seamless looks.
Carpet tiles are smaller squares or rectangles, easy to install and replace. They work well in commercial spaces or areas prone to damage.

Loop Pile, Cut Pile, and Combination Pile:
Loop pile carpets have uncut fibers looped into the backing, making them strong and good for high traffic.
Cut pile carpets have fibers cut at the surface, offering a plush feel, perfect for bedrooms.
Combination pile uses both, combining durability with softness for versatile use.

Benefits of Carpet Flooring

Comfort and Aesthetics

Nothing beats the softness of a carpet underfoot. It adds a warm, plush look that instantly makes a room more inviting. Plus, circular patterns and bold textures let you customize your space easily.

Insulation and Energy Efficiency

Carpets act like a blanket, trapping heat and reducing drafts. Studies show that they can save up to 10% on heating bills. Additionally, they absorb sound, making rooms quieter and more peaceful.

Safety and Maintenance

Carpets create a cushioned surface, reducing slips and falls—especially important in households with children or elderly people. Modern fibers also resist stains and are simple to clean, making upkeep manageable.

Cost-Effectiveness

Compared to hardwood or tile, carpets usually cost less to buy and install. Plus, their friedly long haul means they last many years with proper care, giving you good value for money.

Selecting the Right Carpet Flooring

Factors to Consider

Think about how much foot traffic the room gets. High-traffic zones need durable carpets, while bedrooms can have softer, plush options. Budget plays a big role, too. Match your style with colors and patterns that fit your decor—bright, neutral, or bold.

Popular Carpet Styles and Their Best Uses

Plush Carpets:
Ideal for bedrooms and living rooms; they offer a smooth, luxurious feel.

Berber and Loop Carpets:
Perfect for busy hallways or offices because they hide dirt and withstand wear well.

Shag Carpets:
Great for adding a dramatic look; they’re soft and cozy, perfect for casual spaces.

Expert Recommendations

Interior designers suggest choosing carpets with a high rating for durability if you want them to last. Certified options, like those with Green Label Plus, are eco-friendly and healthier for indoor air quality.

Installing Carpet Flooring

Preparation and Planning

Start with a clean, level subfloor. Remove old flooring and check for any damage. Measure the room accurately to order enough material—it’s better to have a little extra than come up short.

Installation Process

The process involves cutting the carpet to size, laying down adhesive or using tack strips, and stretching the carpet tight across the floor. Finally, trimming the edges and sealing seams completes the look.

Cost Considerations

Expect to pay anywhere from $3 to $10 per square foot, depending on the type of carpet. Don’t forget additional costs for padding, transition strips, or repairs. Professional installation might add to the price but ensures a smooth, long-lasting fit.

Maintenance and Longevity of Carpet Flooring

Daily and Weekly Care

Vacuum regularly—at least once a week—to keep dirt at bay. Attend to spills immediately with gentle blotting and mild cleaners. Avoid rubbing to prevent fiber damage.

Deep Cleaning and Professional Care

Schedule steam cleaning every 12-18 months for best results. Professional services remove deep dirt and allergens, extending your carpet’s lifespan.

Extending Carpet Life

Use rugs or mats in high-traffic areas to reduce wear. Move furniture periodically to prevent indentations, and keep doors open for good airflow. With proper care, carpets can serve you well for 10-15 years.

Troubleshooting Common Issues

Watch out for fiber crushing, stubborn stains, or mold caused by excess moisture. Small repairs or patching can fix minor tears. When carpets become worn or stained beyond repair, it’s time for a replacement.

Purchasing Tips for Carpet Flooring

Shopping Strategies

Compare several stores or websites to find the best quality and price. Look for certifications like Green Label Plus to ensure eco-friendliness. Ask about warranties to protect your investment.

Sustainable and Eco-Friendly Options

Choose carpets made from recycled fibers or low VOC adhesives. These choices are better for the environment and improve indoor air quality, especially in homes with kids or pets.

Best Places to Buy Carpet Flooring

Local flooring stores often provide expert advice and hands-on assistance. Big-box retailers can be budget-friendly, but online options sometimes offer more variety. Skilled staff can help you select the perfect product for your needs.

Conclusion

Carpet flooring offers comfort, style, and energy savings that few other options match. Taking the time to choose the right type, style, and installation method ensures long-term satisfaction. With proper care and maintenance, your carpet becomes a cozy foundation that enhances your space’s look and feel. When shopping, prioritize durability and personal style—your perfect carpet awaits.

Credit:

High Plains Flooring & Blinds

6614 Camden Blvd, Fountain, CO 80817

(719) 542-2002

office@highplainsfloors.com

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Mon-Fri: 9am – 5pm

Sat: 9am – 1pm, Sun: Closed

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Cheap Doesn’t Mean Cheap Looking: Affordable Hardwood Floors Trends

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hardwood floors

Many people think that good-looking hardwood floors have to come with a high price tag. They believe that affordable options will look cheap or outdated. But that isn’t always true. You can find stylish, durable, and affordable hardwood flooring that turns any room into a high-end space.

Today, more trends are making inexpensive hardwood look luxury. Without breaking the bank, you can still get floors that impress.

Understanding the Perception of Cheap-Looking Hardwood Floors

The stigma around inexpensive flooring

Some think that cheap hardwood always means low quality. They see it as dull, thin, or poorly finished. This makes many hesitate to pick affordable options, worried about resale value or style. It’s a common myth that lower costs come with lower class.

How quality is measured

What makes hardwood high quality? Usually, it’s about thickness, finish, and grain type. Thicker planks last longer and handle wear better. A smooth, high-quality finish looks better and lasts longer. The type of wood grain can also make a big difference. Careful craftsmanship and good materials show off quality, even in affordable floors.

Affordable Hardwood Floor Trends

Trend 1: Wide Planks for a Modern Look

Wide planks are trending now because they give a room a spacious, sleek feel. These larger boards look more expensive and are often cheaper per square foot. They are easier to install and come in many finishes. Sourcing wider planks from local suppliers can save money too.

Trend 2: Reclaimed and Recycled Wood

Reclaimed wood is popular not only because it’s eco-friendly but also because it looks authentic and stylish. Every piece has character, knots, and a weathered charm that high-end flooring can’t match. Plus, using recycled wood often costs less than new, premium hardwood.

Trend 3: Natural, Neutral Color Palettes

Colors like soft browns, greys, and beige are in. These shades make floors look more upscale because they match any decor. Neutral tones also hide dirt better and create a timeless style. It’s easier to update accessories if your flooring stays simple and elegant.

Trend 4: Textured and Hand-Scraped Finishes

Texture adds depth and disguises scratches or dents. Hand-scraped or wire-brushed finishes give a crafted look without the price of custom work. Many affordable engineered hardwoods now come with these textures, saving you money while adding style.

Trend 5: Innovative, Budget-Friendly Materials

Engineered hardwood options have come a long way. They look very real, with detailed grain patterns and matte finishes. Even laminate or hybrid floors mimic the appearance of natural wood perfectly. These materials cost less but can give your space a high-end feel.

hardwood floors
Cheap Doesn’t Mean Cheap Looking: Affordable Hardwood Floors Trends 56

Also read: Secrets to Cleaning Your Home in Half the Time

Tips for Achieving Luxurious Looks on a Budget

Choosing the Right Grade and Finish

Select flooring grades that mimic premium styles. Premium-looking finishes like matte or satin add elegance. You don’t need the top-tier grade to get a rich look — just choose carefully and focus on finish quality.

Proper Installation Techniques

A good installation makes all the difference. Hiring a professional ensures a neat, seamless appearance. If you do it yourself, pay attention to leveling and spacing. Small efforts in installation can make affordable floors look custom and luxury.

Maintenance and Upkeep

Keeping your floors clean is key. Regular sweeping and gentle cleaning extend their life and keep them looking fresh. Avoid harsh chemicals, and use mats to trap dirt. Well-maintained floors look more expensive and last longer, even if they cost less initially.

Real-World Examples of Affordable Hardwood Success

Case Study 1: Chic Urban Apartments

A city apartment used budget-friendly engineered hardwood with a wide plank design. The result? A modern, spacious look that rivaled much more expensive choices. Reclaimed wood accents added character without extra cost.

Case Study 2: Suburban Home Renovation

A family renovated their home on a tight budget. They chose neutral, textured floors with hand-scraped finishes. Proper installation and regular care brought a touch of luxury that impressed even friends and visitors.

Expert Opinions

Many flooring specialists confirm that affordable doesn’t mean low class. Interior designers often mix budget options with high-end accessories to create stunning spaces. They say focus on finish quality, texture, and color for a luxurious look.

Conclusion

Affordable hardwood flooring can look just as classy as high-end options when you pick the right styles and techniques. Trends like wide planks, reclaimed wood, and textured finishes are making budget floors more appealing.

By focusing on quality sourcing, smart design choices, and good upkeep, you can get flooring that feels luxurious without overspending. Remember, style isn’t about cost — it’s about how you choose and care for what you have. So, don’t shy away from budget-friendly hardwood. Instead, let these trends inspire your next home upgrade.

Reference:

ARTISTIC FLOORING

Whether you’re looking for the best flooring options, need a quote, or want to schedule a free flooring consultation, we’re just a call or click away. 

Call Us

+1 (757) 689 1695

Email Us

artisticflooringva@gmail.com


Find Us

3200 Dam Neck Road Suite #110
Virginia Beach, VA 23453

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Why do Businesses Need Human resource Consulting Services?

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Human resource

Human resource consulting firms play a vital role in today’s business landscape. They offer several key benefits and importance to organizations:

Expertise and Specialization:

HR consultants bring specialized knowledge and expertise to the table. They stay up-to-date with the latest HR trends, best practices, and legal regulations. This expertise is precious for businesses without dedicated HR staff or require support in complex HR areas.

Cost-Effective Solutions:

Engaging HR consultants can often be more cost-effective than hiring and maintaining an in-house HR department. Businesses can access high-quality HR services as needed, reducing fixed labor costs.

Customization:

HR consultants tailor their services to meet the specific needs of each client. Whether recruitment, employee training, or policy development, consultants design solutions that align with the organization’s unique goals and challenges.

Objective Perspective:

Consultants offer an objective and impartial perspective on HR matters. They can provide insights and recommendations without being influenced by internal biases or politics, which can be valuable for making difficult HR decisions.

Efficiency and Productivity:

HR consultants can streamline HR processes, making them more efficient. This can improve productivity, as employees spend less time on administrative tasks and more on strategic activities.

Compliance and Risk Management:

HR consultants help organizations comply with labor laws and regulations, reducing the risk of legal issues, fines, and reputational damage. They also assist in implementing best practices for risk management.

Strategic Focus:

Organizations can free up their internal resources by outsourcing HR tasks to consultants to focus on core business activities and strategic initiatives. This can lead to improved business performance and growth.

Scalability:

HR consulting firms can adapt to an organization’s changing needs. Whether a business is expanding, downsizing, or facing other transitions, consultants can provide flexible HR solutions to support these changes.

Access to Technology:

Many HR consulting firms have access to advanced HR technology and software solutions that may be cost-prohibitive for smaller organizations to implement independently. This technology can enhance HR processes and data management.

Talent Acquisition and Development:

HR consultants excel in talent acquisition and development. They can help organizations attract top talent, assess employee potential, and implement training and development programs to improve workforce skills.

Confidentiality:

HR consultants are bound by confidentiality agreements, ensuring that sensitive HR issues and employee data are handled with discretion and professionalism.

Conflict Resolution:

Consultants can mediate and assist in resolving workplace conflicts and issues, promoting a harmonious work environment.

Global Expertise:

 For businesses with international operations, HR consultants with global expertise can help navigate the complexities of international HR regulations and practices.

In summary, human resources consulting firms provide valuable support to organizations by offering expertise, cost-effective solutions, and a strategic approach to managing their workforce.

Their ability to adapt to changing needs, ensure compliance, and improve HR processes makes them an essential resource for businesses looking to thrive in today’s competitive environment.

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