How to do Bank Reconciliation
In this video we responded to a scenario question in our forums section regarding a Bank Reconciliation not adding up in Quickbooks and how to fix it.
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Resources: bank reconciliation (Wikipedia) balancing (GOV) how to (EDU)
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While doing A/P I entered payments and selected them for printing checks but did not assign check numbers or finish by going to the banking side/write checks. I exited A/P and when I wanted to print the checks it appears that Quickbooks is showing the entries as already paid. Can I delete these entries as I re-entered them the quick method in banking/write checks?
Check out the forum posting and video response we did for you.
http://learnquickbooksfree.com/forum/how-to-use-quickbooks-group2/bank-credit-card-reconciliation-forum4/how-to-assign-check-numbers-in-quickbooks-after-payment-has-cleared-thread12.0/
http://learnquickbooksfree.com/accounting-101/how-to-assign-check-numbers-in-quickbooks-after-payment-has-cleared/
ON THE RECONCILIATION REPORT I DO SHOW OLD DEPOSITS AND CHECKS THAT THEY HAVE NOT BEEN CLEARED.. THEY ARE FROM PREVIOUS YEARS LIKE 2007-2009-2010- WHAT IS THE RIGHT WAY FOR ME TO CLEAR THIS OUT QUICKBOOKS.
It wouldn’t be right to check it at this point since it already cleared previously. Which means if you checked it, you would have to put in some fake transactions on the other side to balance it out. However, this is a wrong way to go about it.
The Quickiest and Right way to fix this is to simply start a new chart of accounts when a new month start.
So For Example:
Previous Chart of Account: Wells Fargo Bank #1829
New Chart of Accounts: Wells Fargo Bank #1829 – New
The cash total amount in my bank on quickbooks does not match the amount in the real bank. I just started this job and think this has been wrong for a very long time. What can I do so they match up again?
Hello Kristine,
When you say cash, do you mean cash transactions, or total amounts combined with everything? Cash is hard to keep track of where check and credit cards have a paper trail. I would need a bit more specifics, but here is a similar video give or take that might help
How to do a Bank Reconciliation in Quickbooks
My husband needed form name a few weeks ago and discovered a web service with an online forms database . If others are requiring Bank Reconciliation too , here’s http://goo.gl/HcIN1f.
My question does not pertain to discrepancies but it does have to do with the bank reconciliation. The bank statement contains all debits and credits for the month of December through the 31st. However, our fiscal period ends on Dec. 25th, and QuickBooks. Hence, while performing the bank reconciliation for December, how do I record “checks outstanding” and “deposits in transit” in order to clear our my difference? Thanks in advance.
JP