Bank reconciliation
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Bank Reconciliation. 2014. Topics. Reconciling Bank Accounts Bank Reconciliation Reports Finding Errors During Bank Reconciliation Handling Bounced Checks Reconciling Credit Card Accounts and Paying the Bill Bank Feeds. Reconciling Bank Accounts.

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Presentation Transcript

Topics
Topics

  • Reconciling Bank Accounts

  • Bank Reconciliation Reports

  • Finding Errors During Bank Reconciliation

  • Handling Bounced Checks

  • Reconciling Credit Card Accounts and Paying the Bill

  • Bank Feeds


Reconciling bank accounts
Reconciling Bank Accounts

  • Bank account should be reconciled each month

  • To reconcile a bank account:

    • Check Beginning balance should match the bank beginning balance


Reconciling bank accounts cont
Reconciling Bank Accounts (cont.)

  • Match each line with the bank statement:

    • Match the deposits and other credits

    • Match the checks and other withdrawals on the bank statement

  • Difference field should be 0.00 when finished

  • Click Reconcile Now

  • To pause reconciliation, click Leave



Bank reconciliation reports
Bank Reconciliation Reports

  • After a successful reconciliation you can generate

    • Reconciliation Summary report

    • Reconciliation Detail report

  • Select Previous Reconciliation Report displays:

    • Select Summary or Detail option

    • Click Display to view the report

    • Click Print to print the report


Finding errors during bank reconciliation
Finding Errors during Bank Reconciliation

  • The Beginning Balance Field error:

    • One or more reconciled transactions were voided, deleted, or changed since the last reconciliation

    • A user removed the checkmark from one or more reconciled transactions in the account register since the last reconciliation

  • Incorrectly Recorded transactions

    • Discrepancy between a transaction in QuickBooks and a transaction on the bank statement


Correct beginning balance
Correct Beginning Balance

  • Option 1: Use the Reconciliation Discrepancy Report

  • Option 2: Undo the Bank Reconciliation


Quickbooks automatically adjusts your balance
QuickBooks Automatically Adjusts your Balance

  • If the difference is not zero when you click Reconcile Now in the Reconcile window:

    • A transaction is created in the bank account for the difference

    • The transaction is coded to the Reconciliation Discrepancies expense account

  • To Correct the problem:

    • Delete the transaction that is coded to Reconciliation Discrepancies

    • Undo the Last Reconciliation

    • Perform the bank reconciliation again correctly



Reconciling credit cards accounts and paying the bill
Reconciling Credit Cards Accounts and Paying the Bill

  • Credit card accounts should be reconciled every month

  • After the reconciliation of credit cards, QuickBooks asks if it should:

    • Write a check for payment now

    • Enter a bill for payment later

  • If you don’t want to pay the whole amount due on a credit card, edit the original Bill to match the amount you actually intend to pay


Bank feeds
Bank Feeds

  • Processing Transactions Online



Summary of key points
Summary of Key Points

  • Reconciling Bank Accounts

  • Bank Reconciliation Reports

  • Finding Errors During Bank Reconciliation

  • Handling Bounced Checks

  • Reconciling Credit Card Accounts and Paying the Bill

  • Bank Feeds


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