bank reconciliation

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Bank Reconciliation2014


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

• 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.)

• 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


Reconcile Window


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

•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

•Option 1: Use the Reconciliation Discrepancy Report

•Option 2: Undo the Bank Reconciliation


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


Bounced Checks


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

• Processing Transactions Online


Bank Feeds Center


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

bank reconciliation

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