Here are certain tips for reconciling bank accounts in QuickBooks:
Make certain you are working with the right bank account- If you have numerous bank accounts it is stress-free to end up recording checks and deposits in the wrong account. It is just as easy to end up in the wrong reconciliation screen.
Look for transposed numbers- Switching a number (i.e.: 45 instead of 54) is a very common error. Transposition mistakes are divisible by nine (as long as there are no other errors within the bank reconciliation).
Look for misplaced transactions- If you see a transaction on the bank statement that has cleared the bank but you do not see it in the bank reconciliation window, enter this missing transaction (be sure to choose a date within the month you are reconciling). With the bank debit card becoming very prevalent among small business owners, you might find regular cash machine withdrawals, service charges, direct deposits and debit card purchases that were never entered into QuickBooks. Remain sure to enter each of these in order to reconcile.
Did you enter the transaction but don't see it in the bank reconciliation window? Check the original transaction to see if it was entered into the wrong bank account. Use the find feature under the Edit menu to search for a transaction based on the amount. Once found, edit the transaction by selecting the correct bank account.
Look for inverted transactions- Did you enter a write check transaction by fault when the transaction must have been a deposit?
Look for a transaction that is equal to the difference- For instance, did you disregard to place a check mark next to a check that cleared?
Check the small box at the top of the screen- "Hide transactions after the statement's end date." This will remove all transactions that were posted after the statement ending date, making this screen a lot less messy.
The main benefits of working with Reconciliationaccounting are below:
Consistent Data Source – Reconciliationaccounting business give you consist and precise data which can be easily used for the benefits of the decision-making desires. This in turn guarantees competence in workflow and there is no expenditure of time.
Maximize your ROI: Reconciliationaccounting work give significant cost reduction and gives you high Return of asset.
High Superiority Work – Main benefits of Reconciliationaccounting work is to get high quality work as per your needs with reasonable rates.
Securities, Uniformity, Rapid growth, Speed, services and improve customer satisfaction, improved presentation, Backend effective work environment these are main goal of Reconciliationaccounting.
We work 24/7 days for more details feel free to contact us at any time you required.