The client hired me to optimize/re-implement their
The client has not properly reconciled their bank account - ever. My goal was to make the deposits/withdrawals match for the current year, post an entry to prior period for the out of balance amount and move forward. However, this has been unbelievably difficult. As the deposits/withdrawals amounts don’t matched the bank, it is taking extensive amounts of time to figure out which deposits/withdrawals go together. They are incredibly frustrated with the time it is taking.
- The cash on the balance sheet will not be correct for at least an additional 2 – 3 months. When all the checks clear. We will close the account and transfer any remaining funds.
- Income/expenses may be incorrect in a specific month due to posting errors but should be materially correct over the year
What else should we consider in making this decision? Please help me with the pro and cons of this solution.
Thanks for you help!