Daily reconciliation activities

Topic Progress:

Reconcile Bank Accounts with QuickBooks

Bank accounts are reconciled for all activity that occurred during the previous day. 

Examples of activity are; Debit card transactions, matching checks for payment, bank transfers and wires.

How?

From the QuickBooks Dashboard, select what you want to view from the selection of Activities located on the right-side menu.  OR select the “Banking” link on the left-side menu, you would see two options, Banking and Rules. Select the banking option to move on.

You should now see a screen similar to the one below. 

View the accounts in need based on the number of transactions that have NOT been recorded.  In the example, only one account needs work- it has 13 transactions to record. 

Rules that identify common types of expenses and charges have already been set up for you.  Charges identified by this Rule will be listed in a Green color.  These charges can be added quickly by selecting the blue “ADD” link located on the right-side of the screen under “Action”. See image below.

Quickbooks will recognize similar charges from the past and will recommend where the cost should be posted.  These should be reviewed and if necessary, modified prior to posting. 

View and Modify a Transaction

First, select the section you wish to view or modify. You should see a screen similar to the one below:

Any evidence (bills, receipts, invoices or other documentation) of the expenditure should be added as an attachment.  Evidence will corroborate that the charge occurred. See image below.

You may need to SPLIT an entry to multiple accounts. For example, money drawn from an ATM would have a withdraw fee included with the cash received. In this case the entry should be “Split” to multiple accounts by hitting the Split button. See image below.

If you would like to create a RULE for similar transactions, you can select the “Create a Rule for this Transaction”. See image below.

Change the Accounting

You can also change the account an action posts to from this screen. Select the drop-down arrow shown in the image below for a list of accounts available.

Checks that have been previously recorded by the QuickBooks

Open the record to ensure the Check payment is matching the correct payment. See image below.

I do not want to record a transaction

First select the transaction by clicking in the “check box”, then click on the drop down for “Batch Actions”, last select “Exclude Selected” from the Batch Action options provided.

What if the bank balance doesn’t match the QuickBooks balance?

Don’t worry, additional transactions may have occurred that have not been imported to QuickBooks. See image for example.

QuizzesStatus

Jared McLaughlin

Founder of 2nd Energy.

Leave a Reply