This Banking Reconciliation Lesson below is Quickbooks Banking & Credit Card Video 2 of 2.
Quickbooks 2013 – Banking Reconciliation
Second Video will cover Banking and Credit Card Reconciliation.
Reconciliation is vital to keeping your books and record 100% accurate. Having accurate books means lowering your chance of an audit, or while being audited, lowering your chances of the IRS finding errors and taking you.
When you do a Bank Reconciliation, you want to match all the transactions on the street to the ones in the bank or credit card statement.
Once you match all the transactions, you will notice that the difference to balance is $0.
NOTE: If you go to reconcile your statement and the beginning balance from the previous reconciliation doesn’t match, you can use the “Locate Discrepancies” report to find out which previously reconciled transaction has been edited or deleted. This will give you a chance to make adjustments in your current reconciliation to bring it back to correct status.
If you don’t see anything under Locate Discrepancies, and can’t figure out how to solve the issue, another option to “Undo Last Reconciliation”. This is only recommended as a last measure because you have to do the previous month’s work all over again.
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