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QuickBooks Tips Blog

QuickBooks Bank Reconciliation Example Of Procedures

Posted by Matt Roberge on Oct 28, 2013 7:00:00 AM


The more small business bookkeeping consulting we do the more I stand by this motto: reconciling QuickBooks is the most important thing you can do from a bookkeeping standpoint.  Many small business owners use our QuickBooks support services to learn more about using QuickBooks and properly handling their small business bookkeeping.  When I run through a QuickBooks bank reconciliation example with a new client it seems to go well.  When I send that same client to do a QuickBooks bank reconciliation on their own it rarely gets done correctly the first time.  QuickBooks is like any other software, you need to learn how to use it properly and it takes time.  As you learn QuickBooks you are going to make mistakes along the way and eventually learn the correct way to use QuickBooks for your business.  I will run you through a QuickBooks bank reconciliation example and give you some advice on handling it correctly.   

Don't Be Intimidated

First, let me say don't be intimidated by your bookkeeping or QuickBooks.  I know many people do find QuickBooks and accounting intimidating but that is because it is something new.  I always tell people the beautiful thing about bookkeeping is that it can be done whenever and I can always fix mistakes.  Just don't let your bookkeeping fall so far behind that it becomes costly to catch up and fix your mistakes.  Many people get intimidated by the word reconciling; I know it sounds painful.  Reconciling is just a fancy word for balancing the checkbook so feel free to call it whatever you like.  Don't be intimidated by your bookkeeping and find help before you start making mistakes. 

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Topics: QuickBooks, QuickBooks Tips Blog, QuickBooks Blog, QuickBooks Reconciliation, bank reconciliation, Reconciling QuickBooks

QuickBooks Reconciliation: Are You Utilizing It Properly?

Posted by Matt Roberge on Oct 8, 2012 7:54:00 AM

One of the most powerful and important features in QuickBooks is its ability to reconcile your
balances. This means, in short, ensuring that all your transactions add up to what you think they do, and confirming that the amount you believe you have matches what is actually in your account. QuickBooks reconciliation is vital to properly keeping your books, and keeping your accountant happy.

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Topics: QuickBooks Reconciliation, Bookkeeping Processes, bank reconciliation, bookkeeping needs, bookkeeping challenges, Bookkeeping mistakes, Bookkeeping Business

Understanding The QuickBooks Reconciliation Functions

Posted by Matt Roberge on Apr 17, 2012 7:56:00 AM

Remember the days of balancing your checkbook or credit card with nothing more than a sharp pencil and a
basic calculator? Crunching the numbers of your business expenditures each month could take hours and had to be checked and double checked numerous times to avoid expensive errors. Many of us put off balancing our credit cards and checkbooks until the last possible moment – if only to retain some small amount of sanity. It's things like this that really make you appreciate new developments in bookkeeping technology – such as the QuickBooks reconciliation feature.

Instead of tapping away at your calculator for hours on end, this simple feature allows you to balance your accounts in minutes so there’s no excuse for waiting. It saves you precious time, and it can also save you a great deal of money.

Essentially, this feature allows you to double check your deposits and credits against your bank or credit card statement. Simply open “Banking” from the startup screen, then click on “Reconcile” and enter in the statement date and end balance. Use the statement to check off each item in the “checks and payments” column. When complete, the amount in the right bottom corner should say “0.” If not, there is an error in the records or in the statement.


What many business owners fail to realize is that banks and credit card companies can make errors too. Often these errors go unnoticed and can add up to a rather large amount of lost money. Generally you only have about 30 to 60 days to contact credit card companies and banks to ask that the errors be reversed, so it is important to catch them early. By using the QuickBooks reconciliation feature to balance your accounts in a timely manner, you are much more likely to catch errors in enough time to have them changed.

All in all, this handy aspect of the QuickBooks program can be a real lifesaver. However, in order to save even more time, you may want to hire a Salt Lake City Bookkeeping professional. Our educated and thorough experts can save you more time and money than even the best program available.

What benefits have you found from the automation of bookkeeping?  

 

 

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Topics: QuickBooks Tips, Bookkeeping Errors, Bookkeeping Salt Lake City, QuickBooks Reconciliation, QuickBooks Bank Reconciliation, Business Bookkeeping, bank reconciliation, bookkeeping products, credit card companies, bookkeeping needs

Balancing the Books: Weekly or Daily Reconciliations in QuickBooks

Posted by Matt Roberge on Jul 26, 2010 10:44:00 AM

Bank reconciliations...I know eeeww!  Balancing the books does not have to be a complicated art that only your accountant has the skills to pull off.  However, reconciling all of the bank accounts, loans and credit cards is an important step in the accounting cycle.  Try this helpful tip to make your reconciliations a breeze.

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Topics: QuickBooks Reconciliation, bank reconciliation