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 Reconcile your checking account
 Create bank reconciliation reports
 Find errors during reconciliation
 Correct errors found during reconciliation
 Make corrections when QuickBooks
automatically adjusts the balance in a bank
account
 Handle bounced checks
 Reconcile credit card accounts and record a
bill for later payment
 Online Banking
 Bank account should be reconciled each
month
 To reconcile a bank account:
◦ Select the Banking menu, and then select Reconcile
and select account
◦ Check Beginning balance should match the bank
beginning balance
◦ Enter statement date, Ending balance, service
charge and Interest earned
 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
The difference
here must be 0.00.
Click here if you want to
see only transactions
before the statement
ending date.
 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
 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
 Option 1: Use the Reconciliation
Discrepancy Report
◦ Review the report for any changes to cleared
transactions
◦ Enter the corrections
 Option 2: Undo the Bank Reconciliation
◦ In the Begin Reconciliation window, select the
bank Account and click Locate Discrepancies
◦ Click Undo Last Reconciliation
 If you made the error
◦ Make the correction
 If the bank made an error
◦ Enter a transaction in the bank account register
to adjust your balance for the error
 To void a check, double-click the
transaction in the Reconcile window, select
the Edit menu and select Void Check and
then return to Reconcile window
 QuickBooks automatically makes a reversing
entry using the date of the current bank
statement and same account that you used
on the original transaction
 The two transactions cancel each other out
 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 are also know as NSF (non-
sufficient funds)
 Add two new transactions to your bank
account register:
◦ one for the amount of the check that bounced
◦ one for the fee charged by the bank
 To charge your customers a service fee for
processing their NSF check, enter an Invoice
for the customer
 Enter transaction in the bank account register
and code it to Bank Service Charges using the
actual date that the bank charged your
account
 If your vendor charges an extra fee for
bouncing a check, enter a Bill (or use Write
Checks) and code the charge to the Bank
Service Charge account
 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
 Processing Transactions Online
 Reconcile your checking account
 Create bank reconciliation reports
 Find errors during reconciliation
 Correct errors found during reconciliation
 Make corrections when QuickBooks
automatically adjusts the balance in a bank
account
 Handle bounced checks
 Reconcile credit card accounts and record a
bill for later payment
 Online Banking

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Bank Reconciliation are the best notes for student

  • 2.  Reconcile your checking account  Create bank reconciliation reports  Find errors during reconciliation  Correct errors found during reconciliation  Make corrections when QuickBooks automatically adjusts the balance in a bank account  Handle bounced checks  Reconcile credit card accounts and record a bill for later payment  Online Banking
  • 3.  Bank account should be reconciled each month  To reconcile a bank account: ◦ Select the Banking menu, and then select Reconcile and select account ◦ Check Beginning balance should match the bank beginning balance ◦ Enter statement date, Ending balance, service charge and Interest earned
  • 4.  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
  • 5. The difference here must be 0.00. Click here if you want to see only transactions before the statement ending date.
  • 6.  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
  • 7.  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
  • 8.  Option 1: Use the Reconciliation Discrepancy Report ◦ Review the report for any changes to cleared transactions ◦ Enter the corrections  Option 2: Undo the Bank Reconciliation ◦ In the Begin Reconciliation window, select the bank Account and click Locate Discrepancies ◦ Click Undo Last Reconciliation
  • 9.  If you made the error ◦ Make the correction  If the bank made an error ◦ Enter a transaction in the bank account register to adjust your balance for the error  To void a check, double-click the transaction in the Reconcile window, select the Edit menu and select Void Check and then return to Reconcile window
  • 10.  QuickBooks automatically makes a reversing entry using the date of the current bank statement and same account that you used on the original transaction  The two transactions cancel each other out
  • 11.  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
  • 12.  Bounced checks are also know as NSF (non- sufficient funds)  Add two new transactions to your bank account register: ◦ one for the amount of the check that bounced ◦ one for the fee charged by the bank  To charge your customers a service fee for processing their NSF check, enter an Invoice for the customer
  • 13.  Enter transaction in the bank account register and code it to Bank Service Charges using the actual date that the bank charged your account  If your vendor charges an extra fee for bouncing a check, enter a Bill (or use Write Checks) and code the charge to the Bank Service Charge account
  • 14.  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
  • 16.
  • 17.  Reconcile your checking account  Create bank reconciliation reports  Find errors during reconciliation  Correct errors found during reconciliation  Make corrections when QuickBooks automatically adjusts the balance in a bank account  Handle bounced checks  Reconcile credit card accounts and record a bill for later payment  Online Banking