Help with Bank Reconciliation

Hello userfali,

I hope you are having a great weekend so far! I'd love to share my favorite reconciliation article that has helped me in the past with QuickBooks Online:

Reconcile an account in QuickBooks Online
https://quickbooks.intuit.com/learn-support/en-ca/statement-reconciliation/reconcile-an-account-in-q...

Should you have any further questions or concerns with your reconcile or get stuck on one of the steps, reach back out and I'll try to help the best that I can.

I hope this information helps!

Kindest Regards,
Lourdes Fernandez

Hi there userfali,

 

I want to welcome you to QuickBooks Online and to the QuickBooks Community. I know that once you've adjusted to the differences between your previous software and QuickBooks, you'll grow to love all the awesome features that it comes equipped with - not to mention having the ability to work on your books anywhere. It sounds like you've made some great headway on your reconciliation with the help of @Lourdes-Fernandez. Let me go over a few details to help you out.

The Trial Balance report summarizes the debits and credits of each account in your Chart of Accounts. Assuming that you've entered all of the monthly transactions from your bank statement into QuickBooks Online, your Register Balance or ending balance should match the the amount showing in the Trial Balance report for the same account  ending in the same period.

If you're coming across deposits and withdrawals that you're unfamiliar with while doing your reconciliation, it'll be helpful to make a direct comparison to your bank statement. While working on the reconciliation, you can select a line for a transaction you're not sure of, and select Edit to view the full transaction details. If you glean more information on how the transaction should've been recorded from your bank statement, you can fill in the missing details and hit Save and Close. Opening the transaction might also give you a better idea of what it is, as you may have left a note in the Memo field, or an Attachment to review.

If you're not already working with an accountant and would like to be, I think you'd find that a helpful resource while reconciling. We have a database of QuickBooks-certified accountants that are ready and willing to help make managing your business' books a straightforward process. From within QuickBooks, you can navigate to the My Accountant tab, then use the Find a pro to help button to check out accountants and bookkeepers in your area.

 

I'd like to leave you with some additional resources to refer to. The article that was shared by Lourdes-Fernandez is a fantastic one, but you might just find these helpful as well. The reconciliation process is a big task, but once you get through a couple in QuickBooks Online I know you'll get the hang of it and be a pro in no time!

 

• Learn the reconcile workflow in QuickBooks

• Get bank statements directly from your bank when you reconcile

 

I'll hand it over to @Lourdes-Fernandez and our other awesome Community members now in case they have anything to add that you might find helpful. I wish you all the best!

Hi 

Thank you so much for all the helps this wonderful community support is providing me . 

Still have some questions, please help with these issues -

 

 

1) I have Zero difference in Bank Reconciliation process ,but Trail balance (for that particular month) does not match with Bank Reconciltion Ending/Clear balance . I do not think in quickbooks I have any undeposited funds that did not hit the bank yet .So from where the difference is coming? Trail Balance=Register Balance= Bank Statement Ending Balance should match? 

 

2) Recently switched to quickbooks,  those check payments that quickbooks does not have any transactional history ,how do you properly reconcile those payments. Any journal entry or expenses process has to go through ? 

 

3) Even though I have not finished reconciling last month (OCT),can I still categories expenses /deposit for the month of Nov in Bank feeds feature? 

 

4) How to be absolutely sure your Bank Reconciliation is error free? Since I moved some  checks payment belongs to September month but cleared in Oct month and some checks are written in oct and cleared in Oct month so ,you see there are few different things going one .

 

5) Another things is I have some bills added in quickbooks, later I see the check payment for the bill in Bank Feeds , wondering why quickbooks can not match that one automitcally  ? is something I am not doing right? 

 

6) I have quickbooks online plus version -wondering when I am paying Bills ,it should automatically pick Today's date as Bill payment date . But it does not, every time  I have to add manually put Today's date in the Bill Payment box. Some how it picks invoice date as Bill payments date . I usually go to vendor list and from there ,I click on payment. 

 

7) For the month of Oct Reconcilition I have two reconcilition process or screen I have , when I clicks on Reset Statement Ending date -both for oct 31 .One has Zero diff another one has 436 diff. How do I get rid off the 436 one , should I ignore that one . 

 

I apologies sending lot off questions to you. I hope to hear from you soon 

 

Regards 

Ali 

Hi again userfali,

I hope you are doing well! Sorry I didn't get back to you sooner, I was feeling a little under the weather and needed time to re coupe. Thankfully the wonderful @Rebecca R. was able to provide you with additional information.

It sounds like you could really benefit with a screen sharing session with one of the amazing QuickBooks Online Experts to go over your company file to ensure reconciliations were done correctly and accurately and to also look over some reports with you. The best way to connect with support is through the call back request:

https://quickbooks.intuit.com/learn-support/en-ca/intuit-account-settings/using-the-call-back-featur...

In the meantime I can try to forward you some information to assist you in getting by.

1) I have Zero difference in Bank Reconciliation process ,but Trail balance (for that particular month) does not match with Bank Reconciltion Ending/Clear balance . I do not think in quickbooks I have any undeposited funds that did not hit the bank yet .So from where the difference is coming? Trail Balance=Register Balance= Bank Statement Ending Balance should match?

Understanding Your Trial Balance
https://quickbooks.intuit.com/ca/resources/finance-accounting/understanding-a-trial-balance/

2) Recently switched to quickbooks, those check payments that quickbooks does not have any transactional history ,how do you properly reconcile those payments. Any journal entry or expenses process has to go through ?

Enter and pay bills - (Always work with the transactions in your Bank Register for reconciliation)
https://quickbooks.intuit.com/learn-support/en-ca/expenses-suppliers/enter-and-pay-bills/00/262474

3) Even though I have not finished reconciling last month (OCT),can I still categories expenses /deposit for the month of Nov in Bank feeds feature?

Categorize and match online bank transactions in QuickBooks Online
https://quickbooks.intuit.com/learn-support/en-ca/banking-currency/match-and-categorize-bank-transac...

4) How to be absolutely sure your Bank Reconciliation is error free? Since I moved some checks payment belongs to September month but cleared in Oct month and some checks are written in oct and cleared in Oct month so ,you see there are few different things going one .

How do I view, print, or export a reconciliation report? (Reconciliation Reports are extremely useful to ensure reconciliations were done correctly)
https://quickbooks.intuit.com/learn-support/en-ca/reports/how-do-i-view-print-or-export-a-reconcilia...

5) Another things is I have some bills added in quickbooks, later I see the check payment for the bill in Bank Feeds , wondering why quickbooks can not match that one automitcally ? is something I am not doing right?

As long as the account, payee, and dollar amount match, it should automatically match. If it is not picking up the match automatically, we can select the Banking Tab Transactions, then select "Find Match" and manually match the transaction. If it is not being seen in the list of transactions to match too, review your date range, and also review the payment details to ensure the account, payee, and dollar amount is correct.

Categorize and match online bank transactions in QuickBooks Online (Same as above)
https://quickbooks.intuit.com/learn-support/en-ca/banking-currency/match-and-categorize-bank-transac...

6) I have quickbooks online plus version -wondering when I am paying Bills ,it should automatically pick Today's date as Bill payment date . But it does not, every time I have to add manually put Today's date in the Bill Payment box. Some how it picks invoice date as Bill payments date . I usually go to vendor list and from there ,I click on payment.

What is the difference between bills, cheques, and expenses?
https://quickbooks.intuit.com/learn-support/en-ca/expenses-suppliers/what-is-the-difference-between-...

Enter and pay bills (Same as above)
https://quickbooks.intuit.com/learn-support/en-ca/expenses-suppliers/enter-and-pay-bills/00/262474

7) For the month of Oct Reconcilition I have two reconcilition process or screen I have , when I clicks on Reset Statement Ending date -both for oct 31 .One has Zero diff another one has 436 diff. How do I get rid off the 436 one , should I ignore that one .

Fix issues at the end of a reconciliation in QuickBooks Online
https://quickbooks.intuit.com/learn-support/en-ca/statement-reconciliation/fix-issues-when-you-re-re...

Fix issues for accounts you've reconcile in the past QuickBooks Online
https://quickbooks.intuit.com/learn-support/en-ca/statement-reconciliation/fix-beginning-balance-iss...

Fix issues the first time you reconcile an account in QuickBooks Online
https://quickbooks.intuit.com/learn-support/en-ca/banking/fix-beginning-balance-issues-during-your-f...

Undo or remove transactions from reconciliations in QuickBooks Online
https://quickbooks.intuit.com/learn-support/en-ca/accounting/undo-and-remove-transactions-from-recon...


I hope you find this information useful! Also don't be sorry! That's what the community is all about is helping out where we can. Thank you so much for coming back, it was a pleasure gathering information for you.

I hope you have a great rest of the weekend, take care and be safe.

Kindest Regards,
Lourdes Fernandez

Thank you so much. 
 Regards 

Ali