QuickBooks Online Tutorial: Reconciling the bank account (part 1 of 2)
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- เผยแพร่เมื่อ 4 ก.ค. 2024
- QuickBooks 30-day free trial + 30% off for 12 months:
quickbooks.intuit.com/partner...
(30% discount offer to expire 9/30/2021)
To take an in-depth Online Banking & Bank Reconciliations course with me go to:
Hectorgarcia.com/qbobanking
Part 2 of this video on "Cleared Date of checks" within Reconcile: • QuickBooks Online Tuto...
Topics contained in this video:
00:00:00 - Intro
00:00:53 - Reconcile (gear button, click on reconcile)
00:01:01 - How to reconcile an account (step by step) (chart of accounts, bank register, reconcile) (reconcile checking)
00:04:12 - View report (accounting tab) reconciliation report
For "Banking" or Downloading Transactions from the bank, check this out: • QuickBooks Online: Dow...
Call our office 954-414-1524 to setup a private training/consultation about QuickBooks, Excel, Accounting/Bookkeeping, Taxes, and/or General Business Consulting (rates vary fro $195 to $545) for first consultation depending on length and consultant required. E-mail Hector your questions hector@garciacpa.com - วิทยาศาสตร์และเทคโนโลยี
Thanks for the video. I haven’t done reconciliation for 3 years and it’s nice to see this video. It’s a refresher.
Been using QBO for 3 years. This has been the most helpful 6 minutes and 41 seconds I’ve had! Thanks! Keep em coming.
Sheri’s She Shed that’s what “She Shed...”
Thanks for the laugh, sometimes I forget it’s set up that way! If I could tip you, I would!
This really helped me, Mr. Garcia. Keep up the good videos sir!
Otis Fitz great..
Clear-cut instructions. Thank you for this wonderful tutorial!
Very clear and helpful! I'm going to be checking out your other videos -- thank you!!!
Nunca mejor explicado he buscado y buscado esta explicacion y al fin encontre quien lo expique super bien en tan pocas palabras, mil gracias sigue haciendo videos asi.
Gracias.!
Thank you Hector for a nice simply and easy to follow video. I have used some of your other videos to navigate through QuickBooks.
Great!
Hi Hector, thank you for your videos. I’m attempting to reconcile my first statement, however after qbo converting my statement from pdf to qbo. I’m noticing that items that should be expenses are converted as deposits and vice versa. How can I make the corrections?
I am so happy to have found your channel ! I’ve been watching the QB tutorials through the pro advisor tab but I find they don’t often mention what to do when things don’t match. I have a few clients where the bank balance in QB doesn’t match the bank balance at all & there are no outstanding checks etc, this video gave a great step by step that I can use to identify which transactions might be causing the issue! Subscribing!
Awesome!
Thank you for the amazing video. Question: When I start to reconcile it shows default payments and deposits to my reconcile window. how do it get rid of that default payment and deposit showing on the summary portion on top of the window?
Thank you for your help. Your tutorials saved the day.
:)
Thank you so much. I really appreciate your videos!
Thank you so much. I took over my books and your video was very helpful.
Great
Hello Hector! Thank you very much for your videos. I learned a lot. Can you please on "Changes" column in reconciliation report? Do I need to check those if there is amount showing there? Where this amount come from? Thank you
Sir,Thanks for sharing this video. I have a question. I am new to QB and maintaining few bank accounts and credit card at a time.i have been working in QB for last three months,so there are lot of transactions of the last 2 years that are yet to be reviewed. so if i need to reconcile suppose for from 1-1-2019 to 31-12-2019, do i need to review like (adding or matching) all those transactions which haven't been reviewed yet? would appreciate your valuable answer.
Wow! This is really helpful! Thank you. I am a new bookkeeper and my client has never done a bank recon before. Also, she just wants me to reconcile the present transactions and not include the previous years since previous years' transactions in QBO are from a different company. Would that be alright? Any suggestions, please?
Hector, I have deleted some non-business expenses from the credit card import. I also have split some transactions and the non-business portion can't be deleted. How am I going to reconcile my credit card? Can I add in a single adjustment? I'm told I can remove personal expenses from my reports but I'd prefer if it didn't affect my profit and loss on the dashboard.
1:22 Broke My Heart
Austin D. Jones hahaha.. sorry.
Hector, for payroll transactions coming from Paychex into Quickbooks Online as Journal Entries, how does a proper Bank Reconciliation happen to ensure each individual employee is properly identified?
I found your tutorials to be very helpful and easy to understand!
adele bouett awesome... thanks
Consider your tutorials approved by blondes!
QuickBooks Online 30-day free trial + 50% off link: quickbooks.intuit.com/partners/irp/?cid=irp-4337#pricing (EXPIRES 9/30/2021)
Thank you for all your videos. I just need to ask if you have a video that explains how to link my expenses to a payment made that was on account?
Enter a Bill
We’re are they getting the beginning balance from the day you opened the account? Or the current month
Thanks for this useful info for reconciling QB
tbh the hat wouldve helped me understand quickbooks more
haider bin naeem sadly i don’t have the hat anymore..
Looks like a singer from that view 😅 thanks for all your qbo tips
Hola Hector - Yo tengo una cuenta principal en libras y ahora he creado otra cuenta en Libras que es de un banco diferente y necesito crear para este mismo banco cuentas de diferentes divisas , me puedes indicar como tengo que crear las cuentas y luego que tengo que hacer para que Quickbooks lo pueda actualizar ? porque la cuenta en libras de otro banco no tengo la opcion de actualizar, solo puedo hacer reconcile
Thank you again..You are a great teacher...
Thank you
Hector, very educational videos on Quick books thank you. Question my company is not tax exempt and I do not charge tax to my customers the question is when I receive and order for innovatory it comes with sales tax I pay to the vendor along with shipping how do I enter the tax? do i make it an expense and label it Sales tax paid in my list of items/ or is there a different way to enter it. Would it be worth while to become tax exempt? Thank you.
Gallagher Metal Works add the sales tax to the cost of the product.
But if you are reselling the product, you should not pay sales tax, as you will charge for sales tax.
hi Hector! Im trying to reconcile my Bank Account for January 2020, and Im not getting "0", instead, Im getting the beginning balance but in negative amount. I dont understand whats happening. I already reconciled 2019.
hello Mr Garcia. thank you very much for you valuable videos. I have many questions about my business and how to manage the transactions. I wanted to know if you have consultations for that. Thank you
Hi Mr. Garcia please help me.
I am a practicum student right now and i am doing QB
My problem is that there is already a first person who did the reconciliation of the current year but did not finish doing it. So it will be my turn to reconcile.
My question is there is a lot missing deposits in the QB reconcile that are not recorded. Should I add them as a record first before reconciling because I have the bank statements but I don’t have the receipts.
Or should I report them as missing deposits to my supervisor. Please reply if you will see this. It would mean a lot.
Hi...new to QBO...I have reconciled successfully, however, I have a negative QBO balance. Is this an issue?
Cool stuff Hector. Thank You!
:)
My bank statement and QuickBooks transactions match, however, it is still showing a negative difference amount. I have triple checked them one by one and everything is matching. I'm not sure what else to do, or where to look to search for any errors. Your help is greatly appreciated.
Its great how knowledgeable you are in this product. QBO how do I delete a reconcile to do it again. My reconcile says its out of balance but it was good before. something must have gotten added or deleted and I want to just start it over.
Only accountants have access to Undo Reconciliations
Hi there. I have the old version Desk Top Pro. I am just learning to reconcile now 3 years into our business. I am going back to our first year. If you maintain a certain balance in the business account they waive the $35 bank change each month. On the statement it shows it as being charged & then again as being refunded back to your account. How do I show this in Quickbooks so my withdrawals & deposits match up? Thanks so much.
Very clear. Thanks
Very Helpful. Thank you
Hi Hector, under the Banking Tab, QBO shows a "Bank Balance" amount and a "In QuickBooks" amount. How do I ensure that these two amounts are equal. I thought of reconciling bank statement to reconcile that both balances are equal.For example, if I want to reconcile my bank account from the start of the year - January 1, 2018, but my bank statement's opening date/closing date was 12/13/2017 - 01/12/2018, but I am not capturing December balances in QuickBooks Online. Should I post a reconciling journal entry adjustment between the Opening Balance Equity and the Bank account to ensure that the Bank Balance and the In QuickBooks balance agree? One more question: Under the Banking tab, if I delete Excluded transactions, will that cause the in QuickBooks balance to decrease?
Deleting excluding transactions wouldn’t affect balances
Thank You Mr. Garcia,
I would imagine I should have a copy of bank statement while doing this. I'm new. thank you.
Yes
Thank you for video it helps
Hey Hector, thank you for all your help. This is my first year using QuickBooks and I need to enter my beginning balance, which quickbooks will not let me change from 0. How do I apply the correct opening balance from my bank statement?
Thank you!
Just enter a deposit
Hector Garcia CPA
I know this has probably been a while but I have the same question as Andre. What do you mean to enter a deposit?
Hi Hector i am new with quickbooks I downloaded Quickbooks and paid for already. I started to enter some information such as vendors and I linked with our bank account. Everyone says that Quickbooks will work for us because we are a small business. I need all the information to be entered on Quickbooks retroactive as of July 1st, 2018. However, what I'm looking for is a program that can do the following:
Enter the 4 different corporations that we have "separately". Each building is owned by a separate corporation.
enter all 175 tenants we have with the lease expiration date, amount of the rent, phone number, and email addresses But to enter each tenant under their own building which is under the separate corporation.
Try to keep track of when the lease expired for each tenant
try to keep track of the tenant's rent due and balance and send an invoice if they didn't pay the rent on time
keep track of the expenses separated by each corporation and bank account. (each corporation has its own bank account and owns a separate building)
Keep track of repairs and work orders and even maybe keep track of the calls that come in from tenants asking for repairs.
When I created the account i used my management company name but then when I linked the accounts all the bank accounts are under this profile and I don't know how to separate them and create one account for each building, corporation and bank account on Quickbooks. Can I do that under this account that I set up? For instance, if I have to send an invoice to a tenant about a rent past due, I want to be able to send it under the corporation name which owns the building where he lives and not under my management company as well when i enter expenses and pay bills. I want to do everything under the correspondent corporation.
Are they different legal entities?
Hi Hector, which date do I use/enter in QBO to reconcile the credit card account?
Ex: ending date on credit card statement is 22nd of each month but the business ending date is the last day of each month.
Use the card ending date
¡Gracias por los vídeos tan buenos!
De nada
hi hector,good day..I want to record all my pdc. in what icon do i have to click? pls advise
Berne Roldan I have no idea what PDC means
Why I cannot see date of transactions in my bank reconciliation page?
Thanks like what u do
Hector: Your videos are marvelous. I am new to QB online Plus. This version dos not have Direct Invoice to bill your Customer. You have to generate Estimate and convert it to Invoice. Is there a way in which I can Invoice the Customer Directly. You help is highly appreciated.
I don’t understand what you are asking
can i reconcile without downloading the bank statements from my banking account. Can I do it by manually inputting them while looking at a pdf?
Manually is fine... it’s just easier with the paper in font of you
I have a question. I have a difference of 12.000 is negative. Does it means I have some deposits that haven´t been registered in my quickbooks¨? when you check the deposits and the extractions in QB the Balance that shows you. ( the one that is in cero) is the subtraction between the deposits and the extractions? Or what is the subtraction QB is doing? to show you that balance?
I would need to see it
Do you have to reconcile months in chronological order, or will your beginning balance be thrown off?
Austin D. Jones yes... start with the first month before you last reported period.. like Jan 2018 or Jan 2019
Great Hector, since I have been watching your videos here, I don't enjoy other's videos anymore. Your explanation is clear, precise but also a detail explanative. I have a question, how the register balance would be different than a bank statement. Isn't the ending balance of the bank and register should be balanced? Second question, how do we adjust the unclear checks and undeposited checks? some CPA's make JE's as deposits in transit in the register to adjust with the bank balance. Is that the right method to adjust the bank balance? I shall highly appreciate your answer. Thanks.
You don’t need to enter anything.. the balance sheet (book) balance doesn’t have to match the bank statement
Hector Garcia CPA thank you my friend, but I used to work for CPA Firm few years ago, they used to balance banks statement with book balance sheet, they make JE as deposit in transit of the unclear and undeposited checks to balance with bank statement.
I am new to QBO. Do I need to create an invoice for every sale, and do I need to create a bill for every expense?
No.. if you got paid already, no need for invoice. If you paid the expense, no need to create the bill
Hi Hector! If I am reconciling a clients books instead of mine do I need their Bank Statements?
Yes of course.
Love the hat! You should use it all the time!
Very helpful.
I heard you can undo the reconciliation, but on my i do not have that option.
Can you show how to work with bank transfers
Hi Hector, I need your help badly. There are transactions in the GL that doesn't appear in the reconciliation, what should I do?
Elmer Cuaresma they don’t appear because they are probably already manually cleared on the register
Good Show!
Hello Hector, I have a scrap metal business. I buy material from the public and always pay them by cash. Then resell it for a profit. Sometimes i get paid with check and sometimes cash. I used that cash to keep buying scrap material. How do i record that cash payment in Quickbooks? How do i reconcile if that cash never made it to the bank? Thank You!
Marlen Martinez create a bank account called “Cash on hand” and use it to receive customer payments and make expense purchases... at the end that account should match the money in your safe
Hector, thank you for your videos. I am attempting to reconcile my credit card account, and the ending balance does not match my statement. I believe the transactions are missing. What would be the fix for this?
You probably need to undo the reconciliations for this year, do a forced reconciliation last year to make it match and then do this year cleanly
how you get the ending balance at the first place? are you gonna fill it up in any number you want to put it in ?
You get that from the bank statement
There is one part I wanted to know that i did not see mentioned. When you go into the next month to reconcile does it take those from the previous month, that you marked cleared, off so you no longer see them anymore? If they are still checked blue and are showing does that mean you did it wrong?
They should not be there once they are reconciled.
Hi mr hector , we are in a subcontractor company , my question is which kind of Quickbook is appropriate to our company .
Probably QuickBooks Online Plus or QuickBooks Desktop Premier
Hi Sir, very clear and helpful
You welcome
Please make a video abouT " HOW TO RECONCILE DEPOSITS WITH THE 3 WAY MATCHING SYSTEM" The deposits are from a merchant, they receive credit card payments and group the deposits , and when we reconcile the bank we need to work with the 3 way matching system
Good idea.. I need to wait for use case so I can record it.
I just want to point out that uncleared checks after 90 days should NOT be automatically voided. They should be worked as unclaimed property. Talk to the payee and determine if the check was lost or if the liability was satisfied in another payment. A unclaimed check can sit on the books from 1-3 years before its reported, which entirely depends on the state, the industry and the reason for the payment. This process should be started at 60 days. Document your efforts. While most states won’t go after a small business, they can. If you don’t keep good records of your good faith efforts to satisfy the liability, they can extrapolate using other means. That extrapolation is what costs big money in the long run. This is especially important when states are in a deficit and need money for their coffers. If an owner can’t be identified, as in the case of extrapolated amounts, it goes directly to the state to spend. The vast majority of ucp goes unclaimed at the state level and they’ve been using that untouched money for a while instead of keeping it in trust.
Love the HAT!!!
Thanks.. i miss it. It got wet a few years ago and hat to throw it away
I just purchase Quickbook 2020 Pro desktop, however, I want to add the 2017-thru 2018 bank transactions - how can you do that?
Sarah Lloyd download them from the bank (if it lets you)
Hector, I could really use your advice. I have a balance sheet that is showing over $650k in the assets column and they were expenses paid out in cash. When I try to create an account for expenses it gives me no options to do other than equity. How do I expense these transactions? I have spent all day on this and would love any advice I could get. Quickbooks told me they couldn't help me. UUUGH!
Jonnata Mata they can’t help you because that is an accounting question... so I would create a bank account called “Cash On Hand” and make all te expenditures from that account.
Thank you!
Where do i enter "Please authenticate your login with the unique ID"
Nicky Human send a screenshot
Hi Hector, is there any way to delete a posted reconciliation in QB online?
You could have an accountant undo a reconciliation
HI Hector, question we started to reconcile our bank account and after we completed marking everything is when we noticed the bank starting balance is 680.52 off how can we fix that so the next time we reconcile it will be correct?
ask you accountant to undo the reconciliations
we do not have one any other idea's?
Hi hector, stupid question, at around 2:50-2:60 how did you know which checks havent cleared yet
Angelo Torres the premise is, that I checked it against my bank statement
I may be missing a step, but wouldn’t it be more clear if Quickbooks had a split view of the bank statement on one side, and a view of the check register on the other side, so you can reconcile side by side for what’s cleared by the bank and what’s outstanding? Otherwise how do you what to check off or leave unchecked?
Justin Sorci that would be awesome, hehe. Just don’t check the ones that are not in the statement
sir i enter write check 600
and two parties amount this
actually after reconcilation
I cant change this
I try to remove the mark and try it
how to solve this
I can’t follow
Why doesnt the latest version of quickbooks allow me to change the starting balance from zero??? When I go to reconcile it only lets me hit edit. Then change ending balance. Starting balance is zero and your cannot edit it!! Help!
You can reconcile the last period and create whatever starting balance you want
Hello Carlos, I am hoping you could help me. When my parents made the business a corporation and they started to pay themselves, she would return the money to her business account. How can i name these transactions on quickbooks. i would do it,because I did not have enough money.
Im sorry,but please when you have a chance thank you !
Where I work there has not been a reconciliation since 01/31/2013. Needless to say the beginning balance does not match what I have. The owner insists that the account can be reconciled without
beginning a new QB's. I put in my ending balance and have gone back as far as I have bank statements
and the account is off by $39,000.00. If it were QB's desktop I could undo everything and reconcile from the beginning to current. But with Online I am not familiar with this program and I just don't have the time to do this involved a project. Is there anyway that I can get rid of the checks never cashed since 2013 and on.
Don’t delete anything…. You might need to force reconcile based on last tax return and select all the transactions in there and reconcile with the discrepancy. Start reconciling the new year cleanly.
Do you provide one-on-one training or help with setup?
We do… use calendly.com/qbkaccounting to schedule
How to reconcile foreign currency Bank
Hi Hector Garcia, can we get training in person for Quickcooks online. Please let me know. need help for restaurant business in the USA
We have several consultants 954-414-1524
Hi Hector. Can we reconcile account if we skip a month from the last month reconciled? Please answer. Thank you.
Yes
@@HectorGarciaCPA how can i set amount for beginning amount? Do you have video also for that? Thank you.
where can i see ending balance and ending date? im lost
We Cursos when you reconcile.
What does clear in this context mean? Clear like Delet?
No; it means when it was cleared through the bank.
What kind of subscription is this?
Simple Start
Essentials
Enhance
Plus
Advanced
??
Essentials
How different is QB from the US to the UK British versions??
They are similar, except with anything Tax related of course
me encnta como das las clase aunque no hablo mucho ingles te entiendo porq esto no lo consigo en espanol lo peor es que pague esta clase nunca me explicaron como tu gracias y dios te bendiga
A la orden..
I don't suppose to ACCEPT deposits , and I don't understand why
Mine is a mess from loss of synchronization. What's the best way to get this fixed?
Start form January, reconcile each month, manually enter missing transactions
My shits been messed up for years. What Is in quickbooks is all messed up. Not good
Hello my friend Hector, it is my first bank reconciliation in Quickbooks online. My bank reconciliation page does not show the date for transactions. How do I get the date, please help me? Thanks.
That’s weird.
@@HectorGarciaCPA I don't find the deposit match in bank feed either. non of the deposits match with the bank feed. I really feel need a training session on bank reconciliation in Quickbooks online. Is there any way to get training on the bank reconciliation in QB online, please let me know? I shall highly appreciate it.
I am getting audited and they want to know why my trial balance ending for the checking account does not match the bank statement
Maybe it wants reconciled or contains transactions not cleared
@@HectorGarciaCPA so essentially the balance sheet balance at YE should match the bank statement balance at YE
How to find and print the bank statement from quickbookonline?
Can’t
@@HectorGarciaCPA I have to get it from my bank? So, what you did is you assume we have it from the bank already?
So, what you did here is that you assume we have the bank statement from the bank already? Thank you.
Tony Chen of course
@@HectorGarciaCPA I am a new QuickBooks user. What I know about bank reconciliation is from textbook. I reconcile bank statement and my book. This banking in qbo, I don't quite understand. Is this qbo banking the same as the bank statement? If not, then I will have to reconcile 3
Tank you !!!
Thank you
YW
Have'nt done this in a year, off $32.00 a nightmare finding that
If Quickbooks tracks everything why should I need to do that? And where is the difference to your second video?
Affe Banane to prevent duplicates or missing transactions
@@HectorGarciaCPA can that even happen when I upload all my transactions manually with excel or cv?
Affe Banane yes or course
@@HectorGarciaCPA what should I do if a transaction is missing? Add it manually?
Hey can we have a schedule time and give me some practical training?
Call my office for that