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Level 1

Bank Reconcilation

I was informed by my accountant that that we are not able to utilise the QBO bank reconciliation function because we don't have an automatic feed from a local bank ?

 

We are currently uploading our bank statements manually using excel and was informed opening balance is shown as zero ?

 

Can somebody help ?

 

RAY

 

 

Solved
Best answer 12-08-2018

Best Answers
Highlighted
Level 15

Re: Bank Reconcilation

Your first reconciliation always starts at 0. That doesn't mean No Money. That means Nothing yet marked as Cleared.

View solution in original post

2 Comments
Highlighted
ProAdvisor

Re: Bank Reconcilation


@KOTIBA wrote:

"I was informed by my accountant that that we are not able to utilise the QBO bank reconciliation function because we don't have an automatic feed from a local bank ?"

 

That's FALSE!

 

We are currently uploading our bank statements manually using excel

 

That's FINE!

 

"and was informed opening balance is shown as zero ?"

 

YES. When you do your first bank rec, the opening balance is always zero on bank rec screen.

 

"Can somebody help ?"

 

Few suggestions:
I noticed you're doing reconciliation for statement ending June 30, 2018, maybe for the whole year. To make it easier to reconcile, you may want to reconcile for fewer months say three months at a time. (To change statement ending date from your Reconcile screen, just click "Edit info" on the top page and change the date).

Also, I noticed you've not selected two opening balance entries, you should select both as clear as well. That will reduce the difference.

Since you're uploading transactions from the bank statement, it should be easier to reconcile and the difference should be zero.

Hope this helps!

 

 


 

Highlighted
Level 15

Re: Bank Reconcilation

Your first reconciliation always starts at 0. That doesn't mean No Money. That means Nothing yet marked as Cleared.

View solution in original post

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