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In QuickBooks Pro 2010 Essential Training, author Bonnie Biafore shows how to most efficiently use this popular business accounting software to manage business finances. The course covers core QuickBooks features that business owners need to know, from recording typical bookkeeping transactions like bills and invoices, to reconciling accounts and managing company files. Exercise files accompany the course.
Reconciling a paper check register to a bank statement can be troublesome. Reconciling in QuickBooks is much easier as long as you remember to record all your transactions in QuickBooks and you get all the numbers right. So before you start reconciling a bank account in QuickBooks, you can save yourself potential time and aggravation by making sure you're ready to reconcile. The first time you reconcile you do you have a few extra steps to prepare. You can add transactions during reconciliation, but it's much simpler to record all your transactions before you start to reconcile.
Record all the bills you've paid with the account. For example, if you wrote a check to pay a bill, but forgot to record the bill payment in QuickBooks, record other checks you wrote. If you wrote checks for expenses without entering a bill, make sure those checks are recorded in QuickBooks too. Record any transfers either into or out of the account. Don't forget to record the deposits into the account. The first time you reconcile, you have to catch QuickBooks up with where your bank account is.
If you finish your first reconciliation and the amounts don't match, QuickBooks can add a transaction to adjust your account's opening balance to match the opening balance on your bank statement. This solution is easy. QuickBooks puts the dollar amount of the adjustment in your opening balance equity account. If your accountant wants that money in a different account, you can create a journal entry to move the money to the account your accountant requests. You'll learn how to create journal entries in the chapter Working with Journal Entries.
Once you do this prep work and have all your transactions recorded in QuickBooks, you'll be able to reconcile your account in no time.
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