QuickBooks Desktop Bank Reconciliation, Proving All Records

This video lecture will show you in the clearest possible way, how to do a simple bank reconciliation. This step by step follow along video will show you the way it looks if you are doing a reconciliation for the very first month of the company's bank account. Don't forget to download he bank statement and the QuickBooks file that goes with this video.

This video lecture shows how to do a bank rec for the second consecutive month. It starts where the previous lecture finished. The previous lecture finished at the end of January. The QuickBooks file that you will use for this video already includes everything you finished with for January and also includes February transactions, This way, you can imagine that is it 1 month later and you will need to reconcile the same bank account at the end of February.

You will notice specific things that yo need to be aware of when doing several month in a row.

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This lecture is the most important in the whole course. You actually download a file WITH PRE-SET MISTAKES. You must use what you learned in the previous videos to fix the problems and reconcile the bank account. Don't worry if you have trouble doing it. The end of the video shows you what the mistakes were and how to fix them.

In This QuickBooks Online Training Video, you will learn the real issues and challenges regarding doing bank reconciliation for the very first time. The first month’s bank rec is always challenging because usually, the company has already been using the bank account for several months and probable using QuickBooks Online for several months before deciding to reconcile. We know that you must begin reconciling the earliest month first and then reconcile the account each month going forward. The problem is, for the first month, we know what the bank’s balance is from the statement, but we do not know what the “BOOK BALANCE” WOULD HAVE BEEN at the beginning of the first month because we were not reconciling. That’s what makes the first month bank reconciliation challenging!! The way this video explains it, you actually “derive” the beginning book balance and enter it as a “beginning balance adjustment. Then, you are good to go forward except in the case where there were outstanding checks for a very long time. When they eventually clear, you adjust the beginning balance with another adjustment in the same way.

Because I want to provide you with every possible situation, I have included this video that shows what to do if you have been using QuickBooks for a while and never reconciled. A lot of the information is repeated but you may need this one day.

In This QuickBooks Online Training Video, you will learn how to prove that an entire set of company records are correct to the last detail. Bank Reconciliation only proves most of the data recorded in your company records are correct. It proves there are no: duplicate transactions, missing transactions or wrong money amounts. That makes most of the company records correct. However, you could have chosen the wrong expense category classification when recording a bill, check or expense. The bank reconciliation will not find these types of mistakes. You should reconcile your accounts receivable and your accounts payable the same way for the same reason.

In This Learn QuickBooks Training Tutorial, you will see how to perform the last proofing task of proving that everything in your records is correct to the last Detail!! You will learn how to re-classify transactions and correct expense category mistakes. After Doing Bank Reconciliation for both bank and credit card accounts, the only errors that you could still have in your QuickBooks desktop records are mis-classified or un-classified expenses that may be categorized wrong or not at all. You will learn 2 ways to find and fix these potential mistakes. The first correction procedure demonstrated is the method of using QuickBooks reports and the ability to customize these reports to be able to compare each expense transaction to the listed vendor in the transaction. The general rule is that MOST vendors will only provide 1 expense for you. For example, U.P.S. will always be “delivery expense” and never be “electric expense” when you write them a check. So, if you run a report for all the U.P.S. transactions and see that some have electric expense instead of delivery, the you know you found a mistake. In the rare case that you have a vendor that provides more than 1 expense account for you, then you need to find another defining field of data that will help you determine which expense should go as the classification category for that check. The other way of fixing these kinds of QuickBooks errors would eb to use the accountant’s toolbox. There is a tool to “reclassify transactions” in to the proper expense category or classification. You must use the accountant’s edition of QuickBooks or log in as the accountant user to use this feature

You will Learn how to fix payments fro customers that were previously applied to the wrong invoices. You will be able to find misapplied payments and correctly re apply them