Quickbooks 2020 Tutorial for Beginners - How to Reconcile Your Bank Account
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- เผยแพร่เมื่อ 3 ต.ค. 2024
- QBUniversity.org - In this Quickbooks 2020 tutorial for beginners I walk through how to reconcile your bank account.
Reconciling your bank account in Quickbooks Desktop 2020 is a crucial step you need to follow each and every month to make sure that your Quickbooks bank balance matches the balance the bank shows. If it doesn't, you risk missing deposits or even bouncing checks.
Discover other crucial mistakes people make in Quickbooks and how to fix them at QBUniversity.org
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Great in how quick, detailed and simple you explained instructions on how to reconcile in QB. I really appreciate it.
You’re welcome!
This is exactly all I needed. Awesome. Thanks so much
Welcome!
Great quick tutorial
Are Service Charges considered, wire transfer fees or maintenance fee? First time doing this and just want to make sure I have it right.
Hi. Thank you so much for this video. It is so far the easiest one to follow for a beginner like me.
I have some questions:
1) My opening and closing balance match but as I tried to check the deposits+credits AND checks+payments, I couldn't figure out almost 30% of them because the numbers are not the same with my statement.
Do you have another tutorial on this?
2) Are these all service charge?
- Debit Memo Service charge
- Returned Cheque charge
- Loan admin fee
- Deposit item fee
- account fee?
3) Would it be a problem if I miss one of the service charge?
Something would be wrong if they don’t match the statement. It’s most likely because when bank deposits were made they were made of multiple payments grouped together. You will have to figure out which ones were grouped to match totals to the bank statement. You could put those all as service charges. It would be a problem if you miss a service charge because your account won’t balance.
Thank you.
You’re welcome!
Hi, thank you for this helpful VDO. I am running a small rental company. and do self accounting. my question is: can I do a write off to a tenant who left owe me rent to get a new start with a new contract ( tenant)? or there is other way to get this done proper?
thank you for your answer
Sir, my opening and closing balance match but I could not find out my difference amount. I am looking for more but exact difference amount not match. Can you tell me another way please i need your help?
Unfortunately the only way is to go back and find the difference. But is the difference material? If not I would just reconcile with the difference
If you have questions or comments, please leave them here!
is there other vidoes to show how to set up quickbook for the first time
Sam laskaris you’ll have to check my channel. I believe I have videos on that or at least various parts of setting up your file
The Quickbooks University . I recently took over the books for a small company where the treasurer hadn’t reconciled the checkbook since 2015. I now want to start to reconcile the books from Jan 1, 2020. Can’t figure how how to do that. Any suggestions?
Jerry Johnson well you could do one big reconciliation from 2015 until 2020. You will most likely have an adjustment that you’ll have because my guess is it won’t reconcile perfectly but this would be the quickest and easiest way to do it.
If I have more than 1 service charge in different dates how can I enter it?
Hello. What if we need to undo a month of reds to fix an error made by others? Do I use the red report to unselect these charges and just reconcile again? I don’t want to mess us the balances. Thanks so much!
desktop pro 2020- how can I VOID an OLD ( 3 months ago) check that I already, accidently, marked as CLEARED?
Just pull up the check on the screen, choose Edit and Void. It sounds like it won’t mess up your recon if it didn’t clear but was marked cleared but you’ll have to check. You may have to unreconcile then re reconcile the month
When I check off the left side of screen for amount, the entry goes to the bottom of the screen, it never did that before. What can I do to get it back to the original?
I’m not sure what you mean. Are you able to still reconcile?
@@QbuniversityOrg Sorry I didn't respond sooner, but I got it taken care of. Thanks
@@BettyTraister awesome!
Thanks for this video. What do I do if I have several service charges? Do I sum them up?
I would, it’ll make it easier to reconcile
@@QbuniversityOrg Thanks.
In Desktop. I use Funds Transfer to transfer cash to the petty cash account that expends the funds. How do you reconcile the bank statement to the reduced balance as there is not a "balancing" entry. I understand the transfer to be like a check, but it will never be listed on the bank withdrawals. I am flummoxed, please reply. If I just check off the transfers, I am no longer in balance and cannot reconcile.
Are you physically transferring the cash? You would have to actually move the money to a petty cash account.
Hello. Great beginner video. What is your best advice on following up on the uncleared cheques and deposits that have not cleared the bank? Thanks in advance
I usually give it about 60 days and if still not cleared contact the vendor. If they never received I void the check and reissue it
@@QbuniversityOrg After you void the check do you need to do anything in the reconciliation to remove it from appearing in the uncleared transactions?
@@taxclient-t8t nope
What to do if after i reconciled there is a lot of transactions uncleared?
Are they legit? If so then they should clear the following month when you reconcile
Thanks for the video!
How do I pull up reports from those that already reconciled? And if there are something hasn't cleared from the pastor transactions had edited for a different amount, let's say 1 year ago, how do I get them straight and clear them out? Do I need to unreconcile them all to make them right again?
Thanks a lot 🙂
You can pull up a Previous Reconciliation report under the Banking reports. You can also pull up a Reconciliation Discrepancy report to see what changed. In general if you want them all to reconcile you would have to unreconcile then rereconcile
If the transactions are on the bank statement but not in the QB reconciliation detail does that mean I need to pull the transactions into QB's?
Yep
How do I reconcile bank statement if my credits and debits are separated by Class. Genera and Studio?
That should not matter, you should still be able to reconcile like normal
Hi!,
What would you do if you are asked to reconcile but someone else record bank debits and credits on quickbook destop, but you can not find any match with bank statemnet. Please help.
I'm using quick books 2021. How come when I record a transfer of funds transaction between banks, QuickBooks doesn't automatically assign a journal entry number. When I open the register, there is no number assigned for that transaction.
I’m not sure why they don’t. Maybe they don’t consider a journal entry like the typical journal entry in QB?
@@QbuniversityOrg is it really necessary to assign a number to a journal entry? Is a transfer of funds considered a journal entry? Maybe it's not, that's why no number was assigned. Maybe because it's not considered an expense or income.
@@meypuim2951 it’s not really necessary
@@QbuniversityOrg thank you! I really appreciate it. I took QuickBooks online in 2015 and even got a certificate, but I never got a chance to practice it at my firm until now. I'm stuck with a bookeeping job at work because a co worker abruptly quit. So here's my chance to re learn it.
@@meypuim2951 welcome!
Hi my name is Samantha and I am studying to get my quickbooks certification . if thier is any way that you can help me study for it. I am working on the quickbooks certification test and compatibility with quickbooks desktop 2018. By Janet Horne
I can’t really help you study for it but I do have a ton of videos here on my channel that’ll help!
@@QbuniversityOrg alright I am stying the part about payroll. I took quickbooks class and I forgot were the undposited funds were