How I diagnose the bank accounts in QuickBooks Online

One of the first things I do when I'm diagnosing my client's QuickBooks Online is check the bank accounts. In this video, I'll show you what I look for when reviewing the bank accounts.
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[@jjjjj2819]

Excellent tutorial for us who are a Bookkeeper or want to be a Bookkeeper

[@5MinuteBookkeeping]

Glad you liked it!

[@erikabadarch7669]

Thank you for your valuable information. I am just starting my first QBO clean up. It is overwhelming and I am not sure where to start. But after watching your video I am going to figure it out. Thank you again.

[@5MinuteBookkeeping]

You're welcome, Erika.

[@Silly_fishy2012]

Thanks for another great video. Some of my clients books are so ugly and I get overwhelmed with the mess and don’t know where to start. These videos are so helpful and have relieved so much of my anxiety about doing clean up in my clients accounts. Looking forward to learning more in future videos! Thank you for being so willing to share your knowledge, it really is invaluable!!!!

[@5MinuteBookkeeping]

I'm glad this content is helping you. Yes, clean ups are very challenging!

[@nataliemesbah1639]

Hello, Veronica! Thank you for this video. It’s really helpful to understand what the information I see is telling me. But I’m curious. What would you say the health of this business is based on what you saw? Would you look at this business and say “they aren’t so bad off.” Or “whoa! This is going to take at least 20 hours and their file is pretty bad off.”

[@5MinuteBookkeeping]

Hi Natalie. The file I used on the video is a sample company that my team put together with the biggest mistakes we've ever cleaned up. Having said that, for a "real" client, I would go through my paid diagnostic review system to assess the health of their books before making a determination of how bad off the file is. But, after doing hundreds of clean ups, I get a sense of whether a file is a mess fairly early on.

[@joehoward1346]

Awesome video. Thank you

[@5MinuteBookkeeping]

You're welcome!

[@davidlyash5217]

Thank you for sharing

[@5MinuteBookkeeping]

You're welcome.

[@cheri121975]

Veronica, is there any reason that an auto adjustment would be okay?

[@5MinuteBookkeeping]

Hi Cheri. If a bank reconciliation is done correctly, there should never be an auto-adjustment. An auto-adjustment means that the bank reconciliation was forced to reconcile.

[@veronicamedrano9092]

Hi Veronica, I have a question about reconciliation discrepancies--If you first figure out the issue with the amount listed in the 'auto-adjustment' column of a reconciliation report and go into the register and list it as 'R' (which will make the warning sign on the reconciliation screen disappear), will the amount still appear on the 'auto adjustment' column of the reconciliation report? Is this why one would need to undo and redo the reconciliation because the report would be incorrect? Thank you for your expertise!

[@5MinuteBookkeeping]

Hi Veronica. If there is an amount showing in the "auto-adjustment" column, it's because the bank reconciliation was forced to reconcile. You would have to undo the reconciliation so that you can do the reconciliation correctly. It won't help you to mark something as "R" in the register since that would only change the opening balance of the reconciliation (which you wouldn't want to do).