In QuickBooks, it’s important to record transactions based on the date they actually occurred, as this reflects when the transaction took place, Carol. This practice helps maintain accurate financial records. Rest assured that though bank processing dates might differ, you have the ability to align your transactions correctly, ensuring precise records.
If the bank processes the transaction on a different date (for example, if you completed a transaction on the 31st but the bank processes it on the 1st of the next month), you should still keep the transaction dated as the 31st in QuickBooks. However, if you find that this creates discrepancies during reconciliation, you can adjust the transaction date in QuickBooks as necessary. Just ensure that any changes align with your accounting practices and reporting obligations.
If you're unsure how to handle specific transactions or the implications of different dates, you can always consult with an accountant or bookkeeper who can provide advice based on your particular situation.
I've attached these articles that offer a comprehensive guide on reconciliation:
Should you have any further questions or require clarification on the reconciliation procedures or other QuickBooks matters, please do not hesitate to reach out to the Community. I'm here to assist you further.
