Bank Reconcilation

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@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!

 

 

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Ray, I had a customer who paid his bill of $1,888.96 with an ACH Deposit to the ACH bank account on 11/07/22.  The payment bounced & the bank entered it as ACH Payment of $1,888.96 on 11/10/22 on the same ACH bank account. I bounced the check in QB, but it wont show up in reconciliation . On 11/10/22 he made 2 ACH Deposits of a total of $1,888.96 to cover the bounced check.  Please help me reconcile this account. QB won't let me.

Also , on my regular bank account it wont let me pay the correct Webfile tax payment. It defaults to the gross payment without taking the discount for paying early.  Help

Ray, I had a customer who paid his bill of $1,888.96 with an ACH Deposit to the ACH bank account on 11/07/22.  The payment bounced & the bank entered it as ACH Payment of $1,888.96 on 11/10/22 on the same ACH bank account. I bounced the check in QB, but it wont show up in reconciliation . On 11/10/22 he made 2 ACH Deposits of a total of $1,888.96 to cover the bounced check.  Please help me reconcile this account. QB won't let me.

Also , on my regular bank account it wont let me pay the correct Webfile tax payment. It defaults to the gross payment without taking the discount for paying early.  Help

Are you still in business? Do you still provide support to Quick Books Enterprise customers?  

Hello, P3is2010. I'm here to help you with the process of handling bounced checks so that you can proceed with reconciling your account.

Please be reminded not to delete the original Bill Payment check because it might be from a previous accounting period.

The first step is to enter a reversing journal entry. Let me guide you to accomplish the task:

1. Go to the Company menu and select Make General Journal Entries.
2. Ensure the Date and Entry No is correct.
3. Debit the checking account for the amount of the NSF check.
4. Credit the A/P account for the amount of the NSF check.
5. Input the Vendor name.
6. Select Save & Close.

The second is to unlink the bill from the payment check, then link it to the journal entry you've created. Here are the steps:

1. Open the original bill payment check.
2. Uncheck the bill that was originally paid by the bill payment check.
3. Check the journal entry created.
4. You may enter a Memo to indicate the check was returned for NSF.
5. Tap Save and Close.

For the complete process, check this article and proceed with Steps 3 & 4: Manage a bounced check.

Once done, you can start reconciling the account to ensure your books are up-to-date.

Regarding the tax payment, can you please let me know what type of tax you're referring to? Any additional information will help me provide a timely and accurate resolution.

You can tag me anytime if you have follow-up questions about managing bounced checks and reconciling them in QuickBooks. I'm glad to help you more.