Thanks for the video! I don’t understand why the adjustment is hitting the income statement as the checks and deposits have already been recorded and gone through the financial statements prior?
@@QbuniversityOrg Fabulous! Mat, I just registered for QB University!!! I am not working now (so my funds are limited) and I have picked up some clients/friends to help out with their new businesses. I find that everything I watch does not get me all the detailed questions/knowledge of bookkeeping answered. I am hoping that this will be the answer for me searching and searching but never fully understanding what I did. One question I do have is, being Canadian, will I be able to figure out taxing issues as well? I look forward to learning FULLY and getting more confident as I learn. Thank you in advance. 😁
Technically the best way is to go back and reconcile all months. If you’re just trying to get it reconciled to start this year fresh then this is the way to go. Since this adjustment is a culmination of months or years of not reconciling it technically is correct. Whether you have to go back and adjust really depends on the taxes filed and other factors although a prior period adjustment can be used on the tax return
Hi my name is iris, I need help in the QuickBooks, I don’t have a lot of experience, I am doing for my church , but the Reconciliation is not same, With The Bank statement. Please please lee mi Know What To Do.
@@QbuniversityOrg good afternoon yes , I will try doing we that example that you do it do it in the video, because until 2017 the church open the account of quickBooks but another person was doing, end I doing what the show me
This isn't a big help if the company hasn't filed the past years taxes and hasn't reconciled with QB for over 4 years. I guess I can go back 2 years and do this, but some of us need help with company's with owners or decision makers that have no clue how to utilize this software.
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Thanks for the video! I don’t understand why the adjustment is hitting the income statement as the checks and deposits have already been recorded and gone through the financial statements prior?
Well, in theory if there is an adjustment, those charges and payments have not gone through since they were never recorded anywhere
Hello, great video. I wonder what the online version of this looks like. I assume it is similar to the options as it is in the desktop version.
Yes that’s right. It should be pretty much identical
@@QbuniversityOrg Fabulous! Mat, I just registered for QB University!!! I am not working now (so my funds are limited) and I have picked up some clients/friends to help out with their new businesses. I find that everything I watch does not get me all the detailed questions/knowledge of bookkeeping answered. I am hoping that this will be the answer for me searching and searching but never fully understanding what I did. One question I do have is, being Canadian, will I be able to figure out taxing issues as well? I look forward to learning FULLY and getting more confident as I learn. Thank you in advance. 😁
Do you have to fix that at a later time?
Technically the best way is to go back and reconcile all months. If you’re just trying to get it reconciled to start this year fresh then this is the way to go. Since this adjustment is a culmination of months or years of not reconciling it technically is correct. Whether you have to go back and adjust really depends on the taxes filed and other factors although a prior period adjustment can be used on the tax return
Wondering how the Reconciliation Discrepancy affects the taxes for that year? Thanks for the great video!
It could change the financials which would change the returns. You have to judge the materiality of the change to see if it makes sense to amend
What if taxes and returns have already been completed for that year?
@@laurenobrzut5051 I’d start reconciling at the beginning of the current year and make any adjustment in the current year
@@QbuniversityOrgcan you make a video on how to do so?
Hi my name is iris, I need help in the QuickBooks, I don’t have a lot of experience, I am doing for my church , but the Reconciliation is not same, With The Bank statement. Please please lee mi Know What To Do.
With little information it’s hard to guide you. You may have to go back through and check everything again
@@QbuniversityOrg good afternoon yes , I will try doing we that example that you do it do it in the video, because until 2017 the church open the account of quickBooks but another person was doing, end I doing what the show me
Fabulous thank you so much
You’re welcome!
hello sir, i have one question
i already reconcile it by month. why now it come back?
What comes back?
Get the balance right
Ok!
This isn't a big help if the company hasn't filed the past years taxes and hasn't reconciled with QB for over 4 years. I guess I can go back 2 years and do this, but some of us need help with company's with owners or decision makers that have no clue how to utilize this software.
That’s not helping someone who hasn’t received payments in the previous year!