2013

 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 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