Quickbooks 2019 Tutorial - How to Reconcile Your Bank Account

QBUniversity.org - This Quickbooks 2019 tutorial walks you through the steps to reconcile your bank accounts.
Make sure you get this right, and stick to your schedule, or you could easily get your books in disarray!
~-~~-~~~-~~-~
For more free videos, full training series plus personal support for all your QuickBooks questions, please visit QBUniversity.org
~-~~-~~~-~~-~

[@Bacha58]

Thanks for great video

[@QbuniversityOrg]

Welcome!

[@sandraabbate7913]

Great video. I am training in QBO. Just got a client that uses Desktop. Your channel has been a lifesaver!

[@QbuniversityOrg]

Awesome!

[@marydoucette3554]

Thank you so much! Your videos are so clear and easy to follow along ... they are helping me immensely as I have been a stay at home Mom for many years and am trying to play catch up!!!

[@QbuniversityOrg]

You're welcome!

[@karlaelvis9815]

Good tutorial, as long as everything matches up... Great if there is a followup video to address discrepancies- thank you.

[@QbuniversityOrg]

I do have some videos on my channel that address that

[@Ddstairclimber]

suggestion, can you do a video on bank reconciliation about resolving common problems when the difference is not $0?

[@gemmacabildo]

thank you!

[@QbuniversityOrg]

Welcome!

[@nawelbrihmat7416]

oh thank you so much, too easy and cleaaar thank you

[@QbuniversityOrg]

welcome!

[@sandraelik3475]

Thank you!!!!!

[@QbuniversityOrg]

You’re welcome!

[@manshumanshu343]

thank you , i need a clarity . customer check received 11/6/2020( post dated ) check clearing date after some day 20/6/2020 bank clearing date is 20/6/2020 in quick book is 11/6/2020 how to clear this

[@QbuniversityOrg]

You can still clear this in the bank recon, just uncheck the box to “Only show transactions prior to statement date”

[@andreleeparaan724]

What if there's one check that debit already in the statement but not in the QuickBook record ?

[@QbuniversityOrg]

Go back and add it to your check register then go back to reconcile

[@brookebonwell6956]

Hello! Thank you for the video, it was helpful! I have a question regarding entering credit card transactions along with entering checking account statements. I have entered all of my bank statements and they are up to date, and every month I pay my credit card online from this checking account. I am just starting to enter my credit card statements into Quickbooks desktop. I am entering the credit card statements that I refereed to earlier. How do I enter the payments I made on the credit card even though I entered them already in the checking account?

[@QbuniversityOrg]

Brooke Bonwell you would not enter them again. When you entered the payments from the checking the payments should also be reflected in the credit card account

[@mansoorbaig6403]

Hello. I Purchase and sell goods to the same person and I have set them up as both customer and vendor now I want to print a report showing the balance amount after netting off all the transactions from both vendor and customer accounts I have created for that person as one. Please tell me if it is possible or not? To be precise I want a merged report.

[@QbuniversityOrg]

I don't believe it is, however, you may be able to set them up as a "job" and then assign all invoices and payments to them under that job so you can pull up a job profitability report

[@greenacrestowing60]

I have extra transactions in my deposit field and missing deposits in the same when Im in reconcile .

[@QbuniversityOrg]

Johnny Fassbender you’ll have to go back and troubleshoot the missing and extra deposits.

[@TheLordIsMyStrengthSallyMoreno]

Question? If the year of 2018 & 2019 & Jan & Feb of 2020 are reconciled... if a check written in 2018 was deleted this year 2020, what is the best way to fix this? Because it changed my beginning balance for March...

[@QbuniversityOrg]

FAITH IN GOD I would go back in and enter it now, then clear it in your next recon. The beg bal will be off but you can “reclear” it in the current recon

[@TheLordIsMyStrengthSallyMoreno]

@@QbuniversityOrg Thank you so much...

[@QbuniversityOrg]

FAITH IN GOD you’re welcome!

[@simplejuan]

Very helpful. Thank you.

[@QbuniversityOrg]

You’re welcome!

[@jacksonmacd]

Thanks for the video. I use that process with a downloaded CSV file of bank transactions that I import into Excel (my bank is very slow sending a printed copy). Recently I noticed the bank also offers that the transactions can be downloaded as a Quickbooks (.QBO) file, and I am curious whether that file format offers any advantage over the CSV format? Actually, I was hoping that Quickbooks had a process to open the .QBO and match up the transactions from the bank statement with the correct transaction from the Quickbooks cheque register. I did not see anything on a cursory examination, but am I overlooking any such feature?

[@QbuniversityOrg]

Jack MacDonald do you import the CSV file into Quickbooks then reconcile in Quickbooks? If not then yes I would try their new file, import it into QB, then reconcile in QB

[@jacksonmacd]

@@QbuniversityOrg no i do not import it. I just visually refer to it in Excel as if it were a paper copy. I am unaware of any other method, and haven't seen anything in the menus to suggest there is another way. Can you elaborate?

[@QbuniversityOrg]

Jack MacDonald Well you could set up bank feeds if your bank supports it. But there is also an import function where you can import an export of transactions from your bank.

[@athenasheffield2836]

Can you please post a video regarding downloading and merging bank statements electronically in QuickBooks? Thanks in advance!

[@QbuniversityOrg]

Athena Sheffield thanks for the comment! Can you be more specific? Are you talking about downloading bank transactions?

[@athenasheffield2836]

I suppose I'm confused as to what I can download from my bank's website into QuickBooks. Can I only download transactions???

[@QbuniversityOrg]

Athena Sheffield yes in general that’s what is going to download are the individual transaction. Is there something else you are trying to do?

[@arnoldrajib6700]

How to enter interest earned and Bank fees/other charges - Please show these two things with details. I would appreciate.

[@francisjackson4979]

You will go the chart account

[@joshsand9196]

How do I reconcile a quarterly bank statement that pays interest monthly? Just add them together and make up the date since there is only one interest line in the Begin Reconciliation box?

[@QbuniversityOrg]

Yeah or add the interest income in your check register each month when you get it, then it'll be in the account already when you reconcile

[@joshsand9196]

Easy peasy! Thanks!

[@QbuniversityOrg]

@@joshsand9196 you're welcome!

[@joni5243]

I have a question, How do I edit a bank deposit? I made a bank deposit thru the night deposit @ our bank. The bank called and said the deposit was $143.00 short. The teller that processed the deposit missed a check. So they deposited the check for !43.00 several days later with another deposit.(which now in on the following month's bank statement) So now I am trying to reconcile my bank statements and tit is off $143.00...!!! How can I edit my bank deposits in Quickbooks? I have tried to delete it from the bank statement..reports, etc and no luck. I hope you can help me out..

[@QbuniversityOrg]

What you can do is pull up the deposit screen for that particular deposit (go to Banking and Make Deposits, then click "Previous" until it comes up on the screen, then you can add or change the deposit on the screen OR you can go to the Edit drop down menu and choose Delete Deposit or Void Deposit

[@joni5243]

@@QbuniversityOrg Thank you so much for your fast response! I am going to try that right now! I didn't even think of that...Have a great night!

[@QbuniversityOrg]

idntnojp you’re welcome!

[@joni5243]

You have saved me from another late night @ the office!!...

[@QbuniversityOrg]

idntnojp 😁

[@blondeambitioned]

I have payments to Insurance posted bi-weekly from payroll automatically in QB, but I actually pay the bill monthly, creating totally different amounts. How do I adjust the figures in order to reconcile my bank statement, please?

[@QbuniversityOrg]

The amount coming out of the paychecks is a liability, so these amounts coming out would go to a payroll liability withholding account you'll have to set up. Then, when you get the bill, you enter it like a normal bill, but split the total between 2 accounts - 1) the payroll liability account to match what was withheld from employees pay, and 2) the rest of it to Insurance Expense since this is the company portion.

[@blondeambitioned]

@@QbuniversityOrg Thanks for the response, but I think we have a misunderstanding here. I am referring to AFLAC, with no company contribution, just that the amounts deducted automatically in payroll are not the same as the amounts paid on a monthly basis. I think I need to open an account to transfer Payroll amounts into and cross reference to the vendor account, but not sure how to do it. Can you advise please?

[@QbuniversityOrg]

@@blondeambitioned It sounds like then that the amounts set-up to be deducted from employees pay for the premiums are not what AFLAC is charging you per person. Have you checked that what AFLAC is charging is the same amount as what you are withholding from their pay?

[@connorrobb9609]

Quick book on line reconcile

[@QbuniversityOrg]

You can look at the videos I have on my channel here...I have reconcile videos for QBO. Thanks!

[@wardaabdirisakfarah5489]

Teacher hi cash is reconcile or not help me teacher

[@QbuniversityOrg]

hey whats your question?

[@wardaabdirisakfarah5489]

@@QbuniversityOrg my question is how many accounts are reconcile ? My secon question is cash is reconcile or not reconcile please help me teacher

[@QbuniversityOrg]

@@wardaabdirisakfarah5489 well you want to make sure you reconcile all of your bank accounts and credit card accounts

[@wardaabdirisakfarah5489]

@@QbuniversityOrg thank you verry much my teacher

[@wardaabdirisakfarah5489]

1:Can you give me examples about bank account and credits card? 2:What deference between bank account and credits card ? Thanks

[@mohdfaiz-et9sy]

Hi, any one can help me about how can I get last to last month reconciled file.

[@QbuniversityOrg]

mohd faiz not sure what you’re question is? Are you trying to look up your last reconciliation?

[@hamiddurani74]

Thank you Mr. Mat, previously you helped me solve beginning balance problem now I did as you said but still there is a difference of 350AFN which is 4$ all the transactions recorded in my QB and statement is correct and same but there is diff of 350AFN= 4$ Plz guide me how to solve it

[@QbuniversityOrg]

Hamid Durani if it’s $4 I would go to the check register, add a $4 Expense and put it to Miscellaneous Expense, then go back and reconcile it. $4 is too immaterial to worry about

[@nataliagorohova5435]

Hello! how can I open the rreconcile of the past months???

[@QbuniversityOrg]

Go to reports and under Banking you can see the Previous Reconciliations. If you want to open it back up you will have to Undo Previous Reconciliations. Thanks!

[@mctarimo1634]

Hello how can I deposit Undeposited Funds?

[@QbuniversityOrg]

Mc Tarimo go to the Banking drop down menu and choose Make Deposits

[@lyndakeevil666]

I have deposits and checks that have cleared the bank in previous reconciliations, but now they are showing in my reconciliation window. How can I clear them out of the reconciliation window? Would I create a general ledger for these?

[@QbuniversityOrg]

Lynda Keevil that’s strange? You shouldn’t have this. I would check to make sure they were not uncleared or somehow duplicated.

[@lyndakeevil666]

They were uncleared for some reason or other, so would I do a mini-reconciliation to clear them from the reconciliation window?

[@QbuniversityOrg]

Lynda Keevil yeah or just clear them in the current recon

[@lyndakeevil666]

If I just clear them in the current reconciliation, I'll have a huge discrepancy amount on my P&L. Isn't there another way to handle this??

[@QbuniversityOrg]

Lynda Keevil not if they were reconciled previously, unreconciled, and now you reconcile them again. If they are all legit, just reconciling them says they cleared the bank, it won’t have an effect on the PL

[@guadalupegonzalez1220]

hello, Iam been working in my church acc. and the expenses are prety bahaind, can i reconcile not meter that is two year ago?

[@QbuniversityOrg]

Guadalupe Gonzalez not sure of the question but it sounds like you need to add expenses from 2 years ago. Yes you can do thsi

[@guadalupegonzalez1220]

The Quickbooks University Can I reconcile from 2 years ago?

[@QbuniversityOrg]

Guadalupe Gonzalez yep you sure can!

[@ephraimtenorio7448]

hi thank you for the video tutorial :) but how about if i am not seeing any beginning balance? what will i do?

[@QbuniversityOrg]

Ephraim Tenorio this means you do not have a beginning balance entered in Quickbooks. In general, I would suggest entering this balance in your register

[@ephraimtenorio7448]

@@QbuniversityOrg thanks for that!. may i know how am i going to enter it? is it through General journal or else?

[@QbuniversityOrg]

@@ephraimtenorio7448 yeah usually it's through a daily journal entry or through the use of a Sales Receipt in QB Desktop. You would have to get daily sales summaries from X and Z outs if you have registers to properly enter the daily sales, cash and check payments, Stripe payments and other CC charges

[@ephraimtenorio7448]

@@QbuniversityOrg thank you! actually we have already entered a initial beginning balance , but we are not seeing it when we reconcile (the beginning balance is still zero) :(

[@QbuniversityOrg]

Ephraim Tenorio try reconciling. My guess is your opening balance is showing as a deposit and just needs to be cleared in the recon

[@QbuniversityOrg]

I have done one on reconciliation discrepancies and how to find them. Search my channel and you should be able to find it

[@dawns4467]

I did manage to make it through all of that without a problem, however when I open my reconcile window the invoices that I entered are showing up on the checks and payments side in their total invoice amount. I have received payments on them and they still remain. I'm not sure what I did that caused them to show up there and/or and don't know how to eliminate them. If I click on them to clear them, my balances are affected and my reconciliation no longer balances. Could you possibly help me understand what I may have done wrong