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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 QuickBooks bank account to a bank statement is often as simple as telling QuickBooks what your bank account's starting and ending balances are, and then turning on a few checkmarks in the QuickBooks Reconciliation windows. When the cleared balance in QuickBooks matches the numbers on your bank statement, you are done. That is until the next bank statement comes in. To start reconciling your bank account, on the homepage click Reconcile. QuickBooks opens the Begin Reconciliation dialog box.
This is where you tell QuickBooks about the bank statement you are reconciling against. In the Account dropdown list, choose the account you want to reconcile. In the Statement Date box, choose the statement date from your bank statement. QuickBooks shows the beginning balance from the last reconciliation you did, which should be the same as the beginning balance on your bank statement. If this is your first reconciliation, the value might be 0 or the opening balance for your account in QuickBooks.
In the Ending Balance box, type the ending balance from your bank statement. In this example, it's $9951.69. If you bank has added a service charge, you can record that in this window. In the Service Charge box, type the amount, choose the date that the bank levied the charge, and choose the account for the charge, such as Bank Service Charges. If your account pays interest, you can record the interest payment the same way.
When you are ready to reconcile, click Continue. The Reconcile window that opens lists checks and other payments you made on the left side of the window. Deposits and other credits are on the right side of the window. As you reconcile transactions on your bank statement to the ones in QuickBooks, you turn on the QuickBooks' transaction checkmarks. You can click a single checkmark, but you can also drag down the checkmark cells to select transactions one after the other.
QuickBooks shows the totals for the items you cleared. On the right side of the window, QuickBooks shows the ending balance you typed for your bank statement. The cleared balance is the balance in QuickBooks based on all the transactions you cleared during the reconciliation. If the two don't match, the difference value will not be 0. But if it is 0, as you see here, you are done. Click Reconcile Now. The Select Reconciliation Report dialog box appears.
You can display reports, print them, or just to continue, click Close. QuickBooks adds a clear checkmark to the reconciled transactions in your account register. To see them, click Chart of Accounts, and then open the check register for your checking account. These checkmarks show that the transactions are reconciled. Remember, the next time you reconcile the account, QuickBooks uses the ending balance from the last reconciliation as the starting balance for the current one.
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