How (and why) I Perform Bank Reconciliation (As a CPA)

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In this video I show you how to perform a bank reconciliation.
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[@savor950]

I like how you explain the why. In school most of the time they only show you concepts and how to do it and don't tell you how it all ties together and how it fits in the overall picture so we are still lost when we first enter the workforce.

[@muhammadanas2073]

An excellent way to teach concepts. As a fresher, we do not have the opportunity to see the process, we only possess theoretical knowledge but you had shown us a practical example of how it is done in a real-world scenario. Thank you.

[@peekaboo6168]

Very helpful video! I'll start applying for entry level positions soon, good to see how the bank reconciliation is actually done in an example, rather than just seeing it done on paper or explained theoretically.

[@vijayrajashree4694]

Really I am loving the way you teaching.. Outstanding.. By seeing yours anyone who knows GAAP can do it.. Amazing work.. Keep going.. Almost for 5 years didn't touched quick books.. It also refreshed me.. Thanks Bro.. 😊

[@hirakhan92]

Thank you. Your videos are very inspirational. I am planning to pursue master degree in accounting and ultimately sit for CPA exam. I learned so much from your videos. Best,

[@Agilebeast21]

great video. I think a really important point to mention is how the book balance is the number that should be analyzed more than bank balance and why that is.

[@junaid_rahman4011]

Very informative video for CPAs

[@edgardopagan4541]

Great content!

[@marthatovar85]

You are amazing! Thank you for this videos they are super helpful!😊

[@TheFinancialController]

Thanks Martha!

[@thewarthens]

Thank you for this video!

[@DreamFirms]

Superb content!

[@HectorGarciaCPA]

Great video!

[@TheFinancialController]

Thank you Hector! You are The Godfather of QBO!

[@nicholasshook7513]

You should do a video on data analysis/ programming and how it relates to accounting. Hard to find good info on that topic. Also the new cpa exam will cover a lot of technology and data skills

[@jadedeniz7579]

Your videos are very informative. If you could do a video for preparing budget for nonprofit organizations that would be so wonderful. Thank you

[@jdanois2655]

Hello, I love your content and informative videos. I especially like the part where you went back to HR to confirm the severance package payment was a legitimate transaction. However, if I may, I would like to add another step to your process. We would need to verify the missing transaction is not showing later in the register. I would search for the amount; the amount is a round number and would need to verify any transactions that come up by several factors like date and maybe payee if possible. Sometimes when the transaction is at the end of the month, it can show in the next month as a common occurrence with the timing of bank transactions at the end of the month.

[@dimitriosgiannakos6860]

Greetings, I manage an accounting firm in Greece. Your teaching style is wonderful. Your opinion on how A.I helps accounting and if you can show a way

[@ubaidzamir4925]

Can you please make the series on payroll?

[@monicamolina4185]

Thanks for sharing this video! I have a question I haven't been able to think how to work it through. The company credit card account have multiple employee cards. One of the employee card transactions are being recomciled in a separate QB account. The employee makes the payment of her card directly to the credit card company. When i have to reconcile the statement I have been reducing the previous balance by substracting the employee previous balance due. And for the current balance I am substracting the employee cc balance from the main balance due. When reconciling I do check mark the payment she did to her balance plus the payment we made for the rest of the balance due. By doing this process I am still off by exactly the amount of the employee balance on her cc

[@olgav7350]

Thank you for such an easy and informative video. I have a big question: how do you enter your checks issued and sent to your vendors but not cleared at the end of month in your accounting system? In my system all checks issued entered as payed at Debit AP and Credit Cash. So, when at the end of month I am doing Bank Reconciliation, I always have discrepancies for checks uncleared. How do you enter this situation? P.S. My controller insists that cash account balance usually doesn't mach the ledger balance in accounting system. But for me it is really inconvenient when you always have discrepancies in bank account balances and general ledger, especially, when you have a lot of entities and a lot of bank accounts. I would be enter checks issued to vendors and uncleared as money/payments in transit or so, and when you see them cleared in your bank statement, then you can enter them at Credit Cash Account and Debit Payment in Transit...

[@josiahmelendez5]

Another insightful video! Do you know anything about being a Certified Information System Auditor? What opportunities might be available compared to CPA? I’m torn between the two right now.

[@chozenson]

If it’s in your power to write the CPA exam do so, CISA will limit you to IT Audit. CPA will allow you to do IT Audit as well as combine knowledge of accounting systems and controls, allowing your earning potential to be very great

[@user-lh2fn4yo5n]

Superb

[@TheFinancialController]

Thanks 🤗

[@miladychu8007]

hello! im new to bookkeeping, may i ask why we placed the chase checking in credit?

[@TheFinancialController]

Credit to chase checking is the same as saying 'Credit to Cash account' (since we are reducing cash)

[@AC_Blanco]

Someone is doing the Olympic Relay in the background

[@TheFinancialController]

The joys of parenting 😅

[@angayarkanni8228]

M.com(CA) after job in vacancy in available

[@joecoleman288]

So with the journal entry, you have to enter the $20,000 as a debt and also a credit?

[@TheFinancialController]

Debit 20,000 severance expense and Credit 20,000 to Cash. Remember every journal entry has two sides debit and credit

[@joecoleman288]

@@TheFinancialController I appreciate it, I run a business and have very little financial acumen. Your videos have inspired me to learn! Thank you.

[@deandemay8732]

I wish my recs were this easy. I’m using AX (accounting software) without the option to upload my bank data to compare to the GL. I am downloading both bank and trial balance data than doing bunch of formatting in excel. I’ll rec 500 + on each of my recs 🫤

[@deandemay8732]

Question could I use quickbooks to upload both my bank data and GL data to do the rec this way or does the GL data have to come from quickbooks for it to work this way?

[@TheFinancialController]

My GL is also updated via CSV upload (Bills, JEs). I use Saasant for the uploading part

[@deandemay8732]

@@TheFinancialController Thank you sir. Your are the GOAT!