QuickBooks Online Adjusting The Bank Reconciliation
Vložit
- čas přidán 17. 03. 2020
- In This QuickBooks Online Video tutorial, you will learn when it is appropriate to adjust a bank reconciliation to make it fit and match. The only time it’s appropriate to adjust the bank rec is the first month you do bank reconciliation. That’s because sometimes it’s not possible to know the “book” balance or what the book balance would have been at the beginning because you did not start reconciling at the moment you started using the bank account in QuickBooks Online. In fact, it’s actually called a “beginning balance” adjustment for people to know that you should only adjust to make the beginning balance correct because you only found out what the beginning balance really was after several months of outstanding checks clearing the bank account. Sometimes, you can get away with adjusting the bank rec if the difference is immaterial; but you cannot make that judgement without consulting your accountant
This QuickBooks CZcams Playlist will make you an expert in bank reconciliation in QuickBooks online. It starts with basic bank reconciliation concepts and builds slowly to make you an expert in the bank rec process. It will give you real-life, hand on practice with actual bank reconciliation problems and solutions for anything that could come up when doing any company’s bank reconciliation in QuickBooks online. Every “on the job” challenge is addressed by demonstrating all bank reconciliation features and how they are used in QuickBooks online. The very last part of this playlist has videos that show how to prove that absolutely any type of company’s financial records and business transactions are correct to the last detail. These accounting concepts and auditing principals will hold true for any accounting software the business would use.
👉Subscribe for more videos: bit.ly/thequickbooksdude
Other Related Videos 👇 Learn QuickBooks And Master QuickBooks Online • QuickBooks Online Star...
QuickBooks Online Advanced Receivables And Payables
• Learn QuickBooks Onlin...
Learn QuickBooks Online Bank Feeds • Setting Up Bank Feeds ...
Learn QuickBooks Online Phone App • Introduction to QuickB...
➡Follow us on social media:
/ certifiedquickbookstra...
/ quickbooksforlandlords
Mark Smolen is a certified instructor and the creator of the QuickBooks Instructional CZcams Channel and Website.
➡Get In Touch Today Have a question or need help with your QuickBooks Instructional Course?
Contact Mark directly. marksmolen.com quickbooksforlandlords.net
#quickbooksonlinebankreconciliation #quickbooksonlineadjustreconciliation
#quickbooksonline beginingbalanceadjustment
Hello, my QuickBooks Bank Reconciliation friends. This learning QuickBooks online video lesson will make clear when it is appropriate to adjust a monthly bank reconciliation to “force it to fit” even if the numbers aren’t matching no matter what you do. Adjusting the bank rec is really only for the very first month to establish a beginning book balance that you did not enter or did not know the amount of when you started using QuickBooks. The adjustment gets recorded as a journal entry that you can delete and e-do the monthly bank reconciliation
I thank you all and hope that you will click “like” and “subscribe.
Thank you Mark
You are very welcome
I hope you will click like And subscribe
This is sooo me. I went crazy finding difference and now i go back to my work knowing i entered the ending balance wrong. Thank u so much for this video. Big help really.
I'm very glad it helped you and I hope you will click like after watching each one in order to help support the free channel for everyone and please subscribe.
Mark
So, so helpful. Thank you so much!
So glad!
Ha ! Mark. Thanks for the video. Its very helpful. I have a problem. In the process of practising on QuickBooks, I forgot to save the name of the vendor while inputting. Later I tried to correct but the response I get from QuickBooks is that the name is on the list while it's not. Is there a way I can purge the system to allow me enter in the name and save. Thanks
Thanks but these type of quarks happen all the time with quick books online
Maybe just simply try spelling the name slightly differently so quick books thinks it's a different vendor and does not give you a problem. That's the best that I could suggest in that situation
Mark
Hi,
Where can i find an example of a JE to reverse 3 uncleared old entries in BANK ACCOUNT ( NOT credit card ) reconciliation window.Thanks a million.i don not want to effect former years reciliations by voiding entries.
Thank you for asking
If they're old entries that have never cleared then they should never have been there in the first place and you don't make journal entries to fix that you simply delete them
It's okay to delete them if they should never have been there in the first place and they should never have been there if they never cleared the bank after all those years
Mark
Hi Mark. I tried emailing you from your website but it wasn't going through. I had a question about connecting bank feed deposits to invoices. We transitioned from QB desktop to QB online in September last year. Our QB 2019 are reconciled and match with the bank feeds. However, we have income deposits from the bank that aren't linked to invoices and now our QB shows double the income, if that makes sense. It's been too long to remember which bank deposits match with which invoices from last year but now we show an inaccurate amount of income in our QB, even though our bank feed matches with QB. Any suggestions on how to move forward would be greatly appreciated. Thank you! Love your channel.
Thank you Elvia,
Bank feeds do NOT replace bank reconciliation. This video is only 1 in a playlist for quickbooks online bank reconciliation.
You should watch the playlist from the begining. bank reconciliation will help you find and fix ALL mistakes including mistakes where, as you said, you duplacated transactions by entering them yourself AND accepting them from the bank feeds review list.
I'm sure if you watch the whole bank reconciliation quickbooks onlne playlist here, you will now how to correct anything regardless.
czcams.com/video/rVPMYw84UaE/video.html
You mentioned bank feeds. Here's the playlist for quickbooks online bank feeds:
czcams.com/video/3ocpiJb63ws/video.html
I know they will help you and I can answer questions better for you after you have watched them. You may not even need me after watching.
I hope you will rememeber to click "like" and subscribe
-Mark
@@worldwidequickbooks Thank you Mark! Much appreciated.
bringing the accounting function in house starting with the 1st period of 2021. When I get the bank reconciliation from our third party provider there will be outstanding items that are reflected in the bank reconciliation that they will send me. How do I get these items into the reconciliation without impacting my financial numbers?
Thank you Janet. I do want to help you. Hower, your question is a mess of words. If you read it back you will see.
Please re-state in 2 or 3 sentances. I want to help you but if it takes a long time to understand what you are asking then I will not be able to help you.
-Mark
Can you help me to bypass the 90 day alert so I can balance past months accounts?
You can try to see if there is a setting in the account settings window that will shut off that pop up because I know the desktop gives you the ability to shut off that pop up.
It should warn you but not prevent you from going back further than 90 days so it's a small inconvenience but it's workable.
Mark
How can I delete the wrong statement? That transaction is definitely wrong. As I am trying to fix February 2020 with "double entry," no choice but to "unreconciled" as QBO rules the succeeding reconciled will undo. Upon checking at the bank register, all transactions are cleared or unreconciled already except for January. I am intended to redo the unreconciled months from February to December 2020. I got an error when I tried to redo the February due to an error.
Thank you Ma,
The knowledge you need to fix your issue is in 2 or 3 videos of this whole playlist. You should watrch the whole playlist in order to make sure you are not missing any idea that will let you easily fix our issue.
czcams.com/video/rVPMYw84UaE/video.html
I know that business owners don't have time to watch a full playlist but I can't really explain the situation to you if you did not see all the videos. If you do watch all of them, you will not only be able to fix your problem, but it will make it easier for me to help you with answers.
-Mark
How do I fix if I had the wrong beginning balance yet reconciled it. It was a new account with a 0 beginning balance. $1000 was deposited into the account before the bank linked to QB. So when I went to reconcile the first month the beginning balance showed $1000. I didn’t catch that I messed up till after I reconciled. My bank balance was showing $1000 more then what should be in there. Tried to fix it, made it worse.
Thank you for your question
It's not unusual to find out something important about the beginning balance after you've already reconciled for several months. If. you made one adjustment then Simply reopeni it and put the amount that would make the beginning balance correct now that you know how much the beginning balance should Have been..
I also suggest you click in the top right corner of the video to get the link to the full reconciliation playlist. Then watch it in proper order because each video is only a few minutes each. But if you watch it in proper order everything will be clear and everything will fit together and if you go all the way to the end we talk about special. Situations exactly like the one you asked about.
Mark
I do have a big problem, I have a discrepancy and there is no way to fix it. I have tried to adjust so many time. The person took a loan from the company to have petty cash and now is not matching. Any help?
Thank yoy Roberta,
If I had a quick fix answer for you I would give it. I would need much more information about your case in order to comment or suggest something.
If you can explain the context more clearly and email to me your question, then I will TRY to give you some suggestions. If it's to much informayion or to messed up, you will need to make an appointment with me for lie consulting.
worldwidequickbooks@gmail.com
In the mean time, If you look through the whole playlist, or even watch each video in order, you may come up with the solutoin yourself; it will be worth it for you in the long run to study these videos anyway. I hope you will "like" and subscribe.
czcams.com/video/rVPMYw84UaE/video.html
What should i do when bank balance show as not appliacble (n/a) at after every entry in bank register?
Your question is not understandable.
Please give context and word the question clearly.
I will try to help.
-Mark
After reconciled bank book, i have make somes entries as unclear which are wrong posted by me, after this bank balance after every entries showing as not applicable (n/a)
@@akshayparmar2921 Use teh descrepancy report
here..................
czcams.com/video/LuJFuVPbVsk/video.html
Where’s the next part?
Thank you so much
The FULL PLAYLIST is here.......................................
czcams.com/video/rVPMYw84UaE/video.html
This video shown here is number 7on the list
I hope you will click "like" after watchjing each one and I hope you will subscribe
-Mark
&