QuickBooks Online 2024: How to Reconcile your Bank

[@elymX]

I wish all tutorials are like this, short, clear and concise. Thank you!

[@HectorGarciaCPA]

I wish that too… problem is, not all topics are straight forward

[@vittlesnskittles]

thank you. i just began a new job after graduating and i will be doing this soon and want to be one step ahead when the time comes. i really appreciate how you explained it so well!

[@HectorGarciaCPA]

Best of luck!

[@CatherineBondsPabon]

Hector, you can double click on the statement to select the amount (on the vast majority) and it will autoselect without having the hassle of selecting by dragging across the numbers. You know how we love to save time and hassle! And if you "load" your cursor with the highlight first, when you double click to select, it will automatically highlight it. This works on true .pdfs. The ones that are more like a picture than having been read with OCR, don't work the same at all. Thank you for producing great content! I'm training a team member and I came searching for good solid training to get her started. Thanks!

[@HectorGarciaCPA]

Great

[@Susan-788]

Your videos are awesome! Very concise, yet informative.

[@HectorGarciaCPA]

Glad you like them!

[@margaretngure5642]

I'm reconciliation wise a/c and it's giving me a headache. All the other recon have been very smooth. I want to look at it tomorrow morning again with a clear mind. I came here to watch your videos for insight 🙏🏻

[@HectorGarciaCPA]

Sometimes you need that

[@user-hh1im3bj8v]

i love it we need more of those long videos

[@HectorGarciaCPA]

:)

[@LuzAvendano-tj2gk]

I love how you even use that background music 🎉👍

[@HectorGarciaCPA]

:)

[@Accounting101Explained-kp7rl]

Very helpful video for a bookkeeper. Thanks

[@HectorGarciaCPA]

You're welcome!

[@shamsaabbas9223]

thanks

[@HectorGarciaCPA]

You're welcome!

[@mukhtarselef2616]

Thank you Hector, you continue to help us. Thank you very much. I got a lot of information about Quickbooks from you, and I am ready to buy if there is meterials of yours you are selling.

[@HectorGarciaCPA]

I dont sell any :(

[@mukhtarselef2616]

@@HectorGarciaCPA That is great! Thank you

[@maryb1938]

Is there a way to reconcile the "QuickBooks" checking account that receives payments. Are there statements available?

[@HectorGarciaCPA]

Yes there is in the settings

[@user-zc3uw1sb3u]

How can I upload the bank statement for reconciling transactions?

[@HectorGarciaCPA]

You can upload a CSV file. But not a “statement”

[@oghsia]

How do you fix it when it says "Account Changed" for the Change Type in the Reconciliation Discrepancy report for an Invoice or Sales Receipt? From what I can see in the audit history, it is the income account that was added or changed on the product/service as an "indirect edit by system." The invoices are showing paid in full.

[@HectorGarciaCPA]

I would gave to look at it… but its probably the deposit to account

[@SamCapra-l6h]

I am new to QB so please bear with me. My understanding is that if an A/P check is generated and dated in January the cash account in QB will be credited in January. If the check doesn't clear the bank in general why would the o/s check amount show up on the bank reconciliation line item "uncleared transaction as of Jan.31, 2024" as a negative amount. Since cash was credited in QB but didn't clear the bank why wouldn't the uncleared amount appear as a positive on the register?

[@HectorGarciaCPA]

Its supposed to be there and reduce the bank a balance…. Its designed like that

[@SamCapra-l6h]

@@HectorGarciaCPA Thanks much Hector. In another of your videos the reconciliation showed a dollar amount for uncleared transactions as of 02/28/2024. In the video you said the two outstanding checks were written in Feb but didn't clear until March. Having said that I was wondering why for line item uncleared transactions after 02/28/2024 it showed -0-. If the two checks cleared after 02/28/2024 I would have thought the dollar amount of the two checks that cleared in March would have shown up here.

[@Rialas]

I don’t think essentials has the option to batch re-categorise. Cancelled my subscription and gone back to using my previous software.

[@HectorGarciaCPA]

Thats only available in the Advanced and Accountant editions

[@Rialas]

@@HectorGarciaCPA That’s just plain awful/useless to me. I’ll carry on using my existing book keeping software. But thanks for your reply.

[@samiuddin3494]

I am doing reconciliation for Feb 24l, and bank statement shows transaction on 0210,689.94 for payroll tax payment, via ADP which is set up in QB to run automatically. But on reconciliation page that same transaction is showing on 03/04. I guess payment was withdrawn from bank on 02/29 but paid on 03/024 in QB. How can I fix this the QBO reconciliation shows a difference. Thank you,

[@HectorGarciaCPA]

If it has already been reconciled, you can delete the duplicate

[@shivaraj108]

Are we supposed to review /categorize under the Bank Transactions section first before going to the reconcile section?

[@HectorGarciaCPA]

Correct, the transactions need to be entered

[@wzimmerman06]

We went from qb to qbo and our bank balances are way out of wack. how to we start fresh in 2024 to start reconciling? Thank you for your videos I have watched them over and over to learn how to transition!

[@HectorGarciaCPA]

Cleaning post conversion is always a different case, very hard to give you specific instructions on this, you might need a PRO to get you kickstarted.

[@rosejimenez5493]

What will I do if there was a balance in Payment when I have not started the reconciliation? I also tried to untick all the reconciliation but still there is already an amount in Payments.. after reconciliation, the diff is the amount prior to reconciliation. What could be cause in that case? Thanks!

[@HectorGarciaCPA]

If you prior beginning balances are off.. you might need an accountant to help you fix it

[@raquelmorales9578]

Hector how do I lock my checking and credit cards after I have reconciled them? so I don't make changes Thanks!

[@HectorGarciaCPA]

Cant do that specifically. But you can close the books

[@Mstroup93]

Hey Hector I had a question. Is it common for CPAs to not understand why there would be a difference between the bank statement ending balance and the ending balance in the QuickBooks ledger? I am currently dealing with a 92 year old CPA who doesn't understand why the ending balance for the bank accounts on the balance sheet do not match the ending balance on the bank statements. I explained how the QBD ending balance reflects the transactions that have not yet occurred like uncleared checks during that time period.

[@HectorGarciaCPA]

Once you reconcile and delete all the unclear transactions, it will match, But you shouldn’t delete the transactions. Alternative, you can print the uncleared transactions to explain the difference and/or move them to next month’s date

[@Mstroup93]

@@HectorGarciaCPA I had a feeling that changing the dates would solve the issue. Thanks hector!

[@StayInformedWithTMS]

I do not want to link my bank or credit card to my quickbooks. I would rather manually enter all of my transactions. How do you advise I set-up the account and split payments for expenses and also recognize inflow into the credit card on quickbooks

[@HectorGarciaCPA]

Enter the transactions through the register

[@fordoriarte3488]

Hello! About check 1150, is it okay to adjust the date to 01/01/24? it is cleared on January 2024, so this check will not reflect in balance sheet 2022. Thanks in advance. Highly appreciate. From your follower from the Philippines.

[@HectorGarciaCPA]

Correct

[@elainevincent3010]

I have a business checking account as well as a client trust account. Do I need 2 separate QB online subscriptions? I don't want to 2 to merge. I also want to link our credit card but the problem is a portion of it gets paid form the business account and the other portion is paid from the client trust. Will that work or should I continue to manually enter the transactions?

[@HectorGarciaCPA]

If they are two separate balance sheets, then it needs to be two subscriptions

[@SurahThree]

I made a mistake on quickbooks, somehow a few 2020 transactions were added to my 2023 reconcile and has been submitted, how do i undo this once already reconcile?

[@HectorGarciaCPA]

You can delete them

[@SurahThree]

ty i appreciate all your videos! been watching since 2021!@@HectorGarciaCPA

[@geniejansen3083]

Thank you for this video. Have you tried to reconcile Quickbooks with Antera ERP Software?

[@HectorGarciaCPA]

I have not

[@UmaShankar-gi3us]

Hi. Wonderful video. Quick question: im looking at number of manual recons metric and wonder what counts to be one manual recon. Is it the no. of accounts reconciled manually?

[@HectorGarciaCPA]

Manually reconciled transactions is when a user clicks on the R for the transaction maually.

[@heradio1000]

Hello Hector. Thank you for all your videos. What do I do If the beginning balance in Quickbooks does not match my bank statement?

[@HectorGarciaCPA]

you need to undo all the reconciliations until the balance matches.

[@heradio1000]

thank you@@HectorGarciaCPA

[@JenniferSnell_]

Do we need to reconcile Venmo and Paypal accounts too?

[@HectorGarciaCPA]

I would… specially Paypal which has a running balance that is not zero

[@JenniferSnell_]

Thank you 😊

[@ajymercado1849]

Hi Hector, thank you for your wonderful explanation,

[@HectorGarciaCPA]

Some banks yes

[@ajymercado1849]

@@HectorGarciaCPA why all my transactions not showing during reconciliation? thanks

[@mdshorifulgazi9399]

i am bangladeshi. i need quickbooks bank account.

[@HectorGarciaCPA]

I think that is US only

[@ahsanali50]

Thanks

[@HectorGarciaCPA]

:)

[@AllSports-ye4fl]

Thanks

[@HectorGarciaCPA]

;)