Hi
Thank you so much for your the wonderful and detail link. This link covers all the possible issues you may possibly face when you Reconcile your Bank Account. Honestly I switched to Quickbooks online a month ago. Since then feels like in a rollercoaster ride.
I would like to know as well whether your Register Balance that shows in Reconciliation report and Trail Balance for the particular month should match or not ? In my previous accounting software I used add back all the Held check to the Bank account and reverse them automatically in next moth . In quickbooks how do you deal with unclear Deposit and withdrawals .I have not finish my Reconciliation yet ,so wondering how do deal with those transactions. Thanks a lot
Hi
Thank you so much for your the wonderful and detail link. This link covers all the possible issues you may possibly face when you Reconcile your Bank Account. Honestly I switched to Quickbooks online a month ago. Since then feels like in a rollercoaster ride.
I would like to know as well whether your Register Balance that shows in Reconciliation report and Trail Balance for the particular month should match or not ? In my previous accounting software I used add back all the Held check to the Bank account and reverse them automatically in next moth . In quickbooks how do you deal with unclear Deposit and withdrawals .I have not finish my Reconciliation yet ,so wondering how do deal with those transactions. Thanks a lot
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!
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