Question : How do you reconcile online bill pay?
I plan to use my bank's online bill pay feature but I don't want to link it to my accounting software. With checks, it's easy to match the check # during reconciliation. So, I wonder what to match when using online bill pay..
- asked by helenna
All Answers:
Answer #1
In most bill pay systems, when you pay a bill itgives you a confirmation number. I have labelmine BP1, BP2, etc. then in the description, Ilist who I paid and the confirmation number. Thisis the easiest way that I've discovered, and sinceI just returned from an overseas assignment, I'vebeen doing this for almost 4 years.
- answered by Jilly
Answer #2
I don't, I just wait until the dust settles afterI've made numerous transactions, and don't make nomore... Usually a week or two, and the balance iswhere it should be.Haven't kept track of acheckbook in 8 or so years, then again I don'twrite many checks, all my stuff is done online.Asfor balancing, I simply set up a budget: Totalincome - expenses has to > 0, then I make sure toalways keep at least 1000 in my account (2000 isbetter) and never a problem, just check it everyonce in a bit, like the oil in the car lol.
- answered by netthiefx
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