QuickBooks Online for Newbies! How to Reconcile Bank Accounts | 2021

Debbie Cook, CPA explains, step-by-step using the QuickBooks online software, how to reconcile bank accounts. Quick and Easy!
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AGC Solutions does not provide tax, legal or accounting advice. This content has been prepared for informational purposes only and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Also, tax law is ever-changing and every effort should be made to seek out the most current information. Make sure to check date of published content to ensure most current information.

[@AllSchuckUp]

Thank you for this video! That was a very easy to understand, real-life example of a reconciliation.

[@goodvibes5666]

Thanks for the easy explanation I like your way how to explain it so smooth

[@humingbird2187]

Thank you for sharing your knowledge and experience. It was clear and concise.

[@sktnepal06]

What to do in reconciliation in QuickBooks Online if transactions are not in the bank statement but matched and shown in reconciliation, uncheck, or how to fix it?

[@veronicafox750]

I need help with this too

[@Knowledgeably2023]

10 months and no answers 🙄🙄

[@SamCapra-l6h]

How are outstanding checks reflected on the QB desktop bank reconciliation report?

[@trikkinikki970]

It'd be nice if you had links to the videos referenced in the description.

[@chriswood4510]

SOOOO helpful!!!!!!!

[@Meisam.Safari]

Helpful video! Thanks for uploading.

[@LarryGrayCPA]

Glad it was helpful!

[@reaganhernandez5861]

how do I but in the begging balanc..

[@florak1087]

Hi Debbie, I have an 'x' marked beside one (and more) checked-off circles in my reconciliation. Can you tell me what that is trying to tell me? Is it a problem? Thanks for the video.

[@nomaniftikharabbasi8720]

Here are a few common scenarios where you might see an 'x' marked beside checked-off circles: Unmatched Transactions: The 'x' might indicate that a transaction or entry in your records does not match the corresponding item in the bank statement or another reference document. Discrepancies: It could highlight discrepancies in amounts, dates, or other details between your records and the external records (e.g., bank statement). Errors or Issues: Sometimes, the 'x' may simply flag an entry that needs review due to an error, missing documentation, or other issues that could affect the accuracy of the reconciliation.

[@hassanali7763]

Thanks

[@muinmdugommd6434]

uick question: when reconciling my business checking account, QB tells me that one tansaction ws deleted, which is a credit card payment from the checking account. But that transaction is there and reconciled in the checking and credit card ledger! Any explanation?

[@sunny-nt4zf]

thank you!

[@annabanana5203]

You make it looks easy lol thanks

[@xtctrader1467]

How would you reflect un-cleared checks at month end. i.e. you wrote checks on the 30th.

[@Stitch163]

So was the last reconciliation completed on feb 8th

[@805jtorres]

That part was unclear to me too and that’s where I’m stuck. What time period do we enter the ending balance for? Since last recon?

[@rytageo]

Can I and should I go back and reconcile old bank statements from previous years?

[@maryjoy478]

Thank you!

[@alanmaybruck3260]

Hello, I'm very new at this. Thanks for this video. When I try and reconcile I have a discrepancy of 1260.00. My bank statement shows 3 Transfers from operating account to reserve account each transfer is for 420.00 or 1260.00 but wether I click on record transfer or put a check mark in the box, I get message says: Can't select a transfer to/from same account you're working in. How do I fix that to complete reconciliation? Thank you.

[@xtctrader1467]

So it appears you have two separate bank accounts (operating & reserve). Do you have both accounts set up on QBO?

[@nomaniftikharabbasi8720]

It sounds like you're encountering an issue in QuickBooks Online where you're trying to reconcile transactions involving transfers between accounts, specifically from your operating account to your reserve account. Here’s how you can resolve this problem: ### Understanding the Issue: The error message "Can't select a transfer to/from same account you're working in" typically appears when you try to reconcile a transaction that involves a transfer between two accounts, but you're currently reconciling one of those accounts. ### Solution Steps: 1. **Identify the Transactions:** - In your reconciliation process, identify the transactions that involve transfers from your operating account to your reserve account. These transfers should appear as transactions in your QuickBooks Online register or reconciliation screen. 2. **Handle Each Transfer Correctly:** - Since you cannot directly reconcile a transfer transaction from one account to the same account you are reconciling, you should handle each side of the transfer separately: - For the **operating account** side of the transfer: - Navigate to the operating account's register in QuickBooks Online. - Find the transfer transaction that shows money leaving the operating account (e.g., a withdrawal or transfer out). - Ensure this transaction is correctly categorized and reconciled against your bank statement. - For the **reserve account** side of the transfer: - Navigate to the reserve account's register in QuickBooks Online. - Find the transfer transaction that shows money entering the reserve account (e.g., a deposit or transfer in). - Ensure this transaction is correctly categorized and reconciled against your bank statement. 3. **Record the Transfers Correctly:** - If you haven't already recorded these transfers in QuickBooks Online, you should record them separately in each account's register: - Go to the register of the **operating account**. - Record a transfer out transaction to the reserve account. - Go to the register of the **reserve account**. - Record a transfer in transaction from the operating account. 4. **Reconcile Each Account Separately:** - After recording the transfers correctly in both accounts, proceed with reconciling each account separately: - Start the reconciliation for the operating account. - Select and reconcile all transactions in the operating account that match your bank statement, excluding the transfer to the reserve account. - Once completed, start the reconciliation for the reserve account. - Select and reconcile all transactions in the reserve account that match your bank statement, including the transfer from the operating account. ### Summary: The key to resolving this issue is to treat each side of the transfer (from and to each account) separately during your reconciliation process in QuickBooks Online. By ensuring that both accounts reflect the transfers accurately and reconciling them individually, you can resolve the discrepancy and complete your reconciliation successfully. If you continue to have trouble, reviewing each step carefully and consulting QuickBooks Online help resources or support can provide further assistance tailored to your specific situation.

[@jerryestrada5586]

Hi what is your fee for getting on a video call to figure out some issues with reconciling my transactions?

[@lisahot3639]

#newtonbpo