Does Downloading Replace Data Entry

by Janet
(Vancouver)

People have said that I am wasting all my time entering data into Quickbooks and that I should just download my statements from the bank and that would erase the need for me to manually enter data. Is this correct?



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Hi Janet,


Downloading personal financial information is a great time saver but doing it with business records could lead to not having audit proof records.

What do I mean by that?

Well every expense and purchase must be backed up with source documents. There is a danger in downloading business transaction that a person becomes lazy and does not ensure they have the source document to support the income tax deduction.

That is my concern but ... downloading transactions is a great way to do the bank reconciliation though. It's a real time saver.

If you've kept up with your data entry, the bank reconciliation should be a breeze as it matches up transactions for you. It is really easy to see unmatched transactions that have not been recorded ... but that is just my opinion.






P.S. I would like to remind you there is a difference between information and advice. The general information provided in this post or on my site should not be construed as advice. You should not act or rely on this information without engaging professional advice specific to your situation prior to using this site content for any reason whatsoever.

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