Bank Reconciliation are the best notes for student

these are best notes for the college and university students

1. 2013

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 Bankingmenu, 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
Differencefield 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 Summaryreport
◦Reconciliation Detailreport
Select Previous Reconciliation Report displays:
◦Select Summaryor Detailoption
◦Click Displayto view the report
◦Click Printto 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 Nowin 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

15. Processing Transactions Online

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