Hello all. Hopefully someone can help!
I'm a small business manager who has taught himself Quickbooks/Accounting from scratch for the past year or so.
I didn't realise however, that bank reconciliation was a vital part.
I'm trying to reconcile now but have an issue.
In my books I have my main bank account linked, which updates transactions and I record them accordingly.
I also have a "Subsistence" account on my books, which I created, into which I transfer x amount every week or so. This is a tax free allowance for traveling as part of my job.
I expense day to day items which aren't exclusively business expenses from this account. The issue is when reconciling, the reconciliation process only sees the total transfer and not the individual expenses so the balance is off.
When I run a reconciliation from the company beginning date to the most recent statement date, it pretty much matches the balance of my subsistence account, so I'm confident all transactions and amounts were entered correctly, only the reconciliation won't balance.
If someone understands all that, are there any suggestions as to what to do?
Thank you for any help.
