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Bank Reconciliation

Bank Reconciliation

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Bank Reconciliation

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  1. Bank Reconciliation Chapter 4

  2. Objectives • Reconcile your checking • Create bank reconciliation reports • Find errors during reconciliation • Correct errors found during reconciliation • Make corrections when QuickBooks automatically adjusts the balance in a bank account • Handle bounced checks • Reconcile credit card accounts and record a bill for later payment 179

  3. Reconciling Bank Accounts • Each month, QuickBooks bank account should be reconciled and corrected for discrepancies with the bank statement • To reconcile a bank account: • Open the account register in the Chart of Accounts • Select the Banking menu, and then select Reconcile • Check Beginning balance with the bank statement, it should match the bank beginning balance • Enter statement date, Ending balance, service charge and Interest earned 179

  4. Reconciling Bank Accounts (contd.) • In the Reconcile window click on each line to mark it as a cleared transaction matching with the bank statement: • Match the deposits and other credits • Match the checks and other withdrawals on the bank statement • After clearing all transactions matching the bank statement, the Difference field should be 0.00, indicating that your bank account is reconciled • Click Reconcile Now • If you need to wait until another time to complete the bank reconciliation, you can click Leave 179

  5. Click here if you want to see only transactions before the statement ending date. The difference here must be 0.00. 184

  6. Bank Reconciliation Reports • QuickBooks creates both a Reconciliation Summary report and a Reconciliation Detail report after a successful reconcile • Select Reconciliation Report window is displayed: • Select Summary or Detail option • Click Display to view the report • Click Print to print the report • To create bank reconciliation reports at any time: • Select the Reports menu, select Banking, and then select Previous Reconciliation • If you are using QuickBooks Basic or QuickBooks Pro, you can create Bank Reconciliation reports for the most recently reconciled month only 188

  7. Finding Errors during Bank Reconciliation • The Beginning Balance Field error: • One or more reconciled transactions were voided, deleted, or changed since the last reconciliation • A user removed the checkmark from one or more reconciled transactions in the account register since the last reconciliation • Incorrectly Recorded transactions • Discrepancy between a transaction in QuickBooks and a transaction on the bank statement 191

  8. Correct Beginning Balance • Option 1: Use the Reconciliation Discrepancy Report • Select the Reports menu, select Banking, and then select Reconciliation Discrepancy • Review the report for any changes or deletions to cleared transactions • Enter the corrections for reconciled transactions using the report • Option 2: Undo the Bank Reconciliation • Select the Banking menu, and then select Reconcile • In the Begin Reconciliation window, select the bank Account and click Locate Discrepancies • Click Undo Last Reconciliation • When the undo reconciliation is complete, QuickBooks displays a completion message, click OK 191

  9. Edit Transactions in Current Accounting Period • If you made the error, double-click the transaction in the Reconcile window, make the correction and return to Reconcile window • If the bank made an error, enter a transaction in the bank account register to adjust your balance for the error • To void a check, double-click the transaction in the Reconcile window, select the Edit menu and select Void Check and then return to Reconcile window 195

  10. Edit Transactions in Closed Accounting Periods • Enter a reversing entry in QuickBooks using the date of the current bank statement and same account that you used on the original transaction • The two transactions cancel each other out • Both the original transaction and the reversing transaction will show on the Reconcile window, clear both transactions 196

  11. QuickBooks Automatically Adjusts your Balance • If the difference is not zero when you click Reconcile Now in the Reconcile window: • A transaction is created in the bank account for the difference • The transaction is coded to the Opening Balance Equity account • To Correct the problem: • Delete the transaction that is coded to Opening Balance Equity • Undo the Last Reconciliation • Perform the bank reconciliation again correctly 197

  12. Handling Bounced Checks • When Your Customer’s Check Bounces • Receiving and Depositing the Replacement Check • When Your Check Bounces 198

  13. Customer’s Check Bounces • Bounced checks are also know as NSF (non-sufficient funds) • When customer’s check bounces, add two new transactions to your bank account register: • one for the amount of the check that bounced • one for the fee charged by the bank • To charge your customers a service fee for processing their NSF check, enter an Invoice for the customer 198

  14. Receiving and Depositing the Replacement Check • Select the Customers menu, and then select Receive Payments • Make sure you apply the payment against the original invoice and the service charge invoice • Click Save & Close • Select the Bankingmenu and then select MakeDeposits • Select the check and then click OK • In the Make Deposits window, click Save & Close to deposit the replacement check 202

  15. When Your Check Bounces • Enter a transaction in the bank account register and code it to Bank Service Charges using the actual date that the bank charged your account • If your balance is sufficient for the check to clear, tell the vendor to redeposit the check • If your balance is not sufficient, consider other ways of paying the vendor, such as paying with a credit card • If your vendor charges an extra fee for bouncing a check, enter a Bill (or use Write Checks) and code the charge to the Bank Service Charge account 204

  16. Reconciling Credit Cards Accounts and Paying the Bill • Credit card accounts should be reconciled every month just as you do with your bank account • After the reconciliation of credit cards, QuickBooks asks if it should: • Write a check for payment now • Enter a bill for payment later • If you don’t want to pay the whole amount due on a credit card, edit the original Bill to match the amount you actually intend to pay 204

  17. Summary of Key Points • Reconcile your checking • Create bank reconciliation reports • Find errors during reconciliation • Correct errors found during reconciliation • Make corrections when QuickBooks automatically adjusts the balance in a bank account • Handle bounced checks • Reconcile credit card accounts and record a bill for later payment 208