How to Reconcile Bank Accounts in QuickBooks Enterprise
It is common knowledge that the balance shown for current account in the bank do not include information regarding the cash available with the user at present. This generates an issue if the user is not aware of outstanding checks that can later on cause red signal with their checking account. In order to avoid this problem from arising, user can go for monthly bank reconciliation process for their account. This process will help to keep track of their cash flow and also garner a complete picture of the cash available with the user. The bank reconciliation process is quite easy, however, at times it can be quite tricky if there are lot of transaction which is why many users opt for accounting software like QuickBooks Enterprise. You can get in touch with
QuickBooks Enterprise Support Number in case need help or want to consult .
How do I Reconcile Bank Statements in QuickBooks?
Under QuickBooks Enterprise Bank Reconciliation process following steps are used:
⚑ Comparative Analysis between the Bank’s Closing Balance and Company Books: It is considered to be good practice to compare both books maintained by company and bank balance at regular intervals. This process is even more simplified by QuickBooks Enterprise software which compares by performing bank reconciliation once the user has input the closing cash balance of the bank. User can also process the same by exporting all into a spreadsheet and generating comparative analysis manually.
⚑ Record Bank Related Transactions to Book Balance: At times many debits and credits are only accounted for through bank account and is not recorded under the company books. In such case user should instruct the QuickBooks Enterprise software to process the transactions by adding positive transactions such as interest payment from bank, and subtracting the negative transaction like fees levied over bounced checks from the cash balance of company books. These transactions are easily recognizable as they are grouped together at the bottom of the bank balance sheet.
⚑ Record Book Related Transactions to Bank Balance: Transactions like outstanding amount yet to be cashed in by the payees are not recorded and shown under bank statement along with deposits made being processed. All the software has to do is add in the positive transactions related to the deposits still being processed and subtract negative ones like checks yet to be encashed from the bank balance. As opposed to above point, these transactions are not easily trackable. To process this QuickBooks Enterprise software makes the process quite easy and swift. User is able to tick mark the checks and deposits under reconciliation module under bank statement making tracking process much easier. Manual processing of the same can also be done if the reconciliation module does not support the same.
⚑ Compare Both the Balances: Once both the balances have been rectified as per changes under both bank and company’s book statement, another comparative analysis of the same should be processed to ensure both statement tally with each other.
If the same is not the case, then one of the following situations could be the reason:
⚐ Transaction not Recorded: It is quite possible that the user forgot to add in a transaction related to check or a deposit sent out through bank but was not recorded under company books. In such case user should verify all the transactions shown under bank statement to figure out which transaction is listed under bank but is missing in the cash balance. Once such transaction is located, all user has to do is add them to their cash balance.
⚐ Incorrect Opening Cash Balance: The error, mismatch of balance, can also be encountered in the scenario of user having incorrect opening balance wherein the reconciliation will not take place. This situation arises when the account is being reconciled for the first time or the process was not completed properly for the last month.
Help For Reconciliation Discrepancy in QuickBooks
If the user still faces issues in Bank Reconciliation process through QuickBooks Enterprise software, then they should immediately connect with the customer support team of QuickBooks housed by Intuit. The team comprises of proficient technicians trained intensively in all the aspects of QuickBooks.
Most Common Issues QB Reconciliation
Problem / Errors
Need Help For the Following
Quickbooks Bank Reconciliation Not Responding
Quickbooks Will Not Reconcile
Quickbooks Not Reconciling
Reconciliation Discrepancies Expense Account
Quickbooks Not Reconciled For Years
Quickbooks Bank Reconciliation Adjustment
Quickbooks Reconciliation Does Not Match
Quickbooks Bank Reconciliation Automated
Quickbooks Reconcile Not Showing All Transactions
Quickbooks Bank Reconciliation History
Quickbooks Bank Reconciliation Error
Quickbooks Bank Reconciliation Never Done
Quickbooks Reconciliation Disappeared
Quickbooks Bank Reconciliation New Transactions
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