Hello my friends!! There’s no shame in adjusting your bank reconciliation to make it fit. As long as the amount is “immaterial” you can get away with it even though it’s technically not right; but there is no alternative. This video will show you when it’s ok and exactly how to adjust as well as everything that happens when ou adjust. It will also explain everything about the “reconciliation discrepancies” account. This video will help yo and it even shows an example reconciliation that needed adjusting. I hope you will click “like” and subscribe. -Mark
Thanks for the Kind words Let me know if you need any particular topic and please remember to click like after each 2 help support the free channel for everyone and please subscribe Mark
Hi Sir, Accounting was always a difficult subject for me to understand. But your explanations are so clear and simple, I’m sure I would have aced all my accounting courses in college had you been my instructor! Thanks for sharing your knowledge and amazing teaching ability with us!
Thanks and welcome I appreciate the kind words and use my channel as a resource for everything in accounting and quick books.And I hope you will always remember to click like after watching each 12 help support the free channel for everyone and please subscribe Mark
Wow, thanks I appreciate the loyalty and I'm very glad you like.The videos and the new one is coming in a few days and believe me.In the coming year you're going to see great stuff if you like the previous stuff Stay in touch and let me know if you need anything and don't forget to click like after watching each 12 help support the Is free channel for everyone Mark
Thank you, I will There's much more to come and I have a video for any other quick books topics.So please just ask if you need anything in particular I hope. You will click like after watching each 12 help support the free channel for everyone and please subscribe Mark
Hello Mark! Appreciate your help with all this! I had to use the QBO forced adjusting entry because the deleted transaction was a duplicate and previous bookkeeper has closed the books for the year end. Now I have an expense showing on my P&L for that amount. I need to bring this to zero as there was no actual expense. Can I do this by opening the JE and crediting the Reconciliation discrepancy account to bring it to zero? Will it mess up my reconciliation again and credit card account balance?
Thank you for reaching out and I do want to help you but unfortunately your description of the situation is not sufficient. I respect the fact that it's hard for a person to know what to include when they're reaching out for help and describing their situation in QuickBooks. And of course I want to help you but I can't give advice if I'm not 100% sure of exactly what happened. I can however in for some of what's going on from what you said and give you some general advice. Don't try to fix a mistake by recording something that simply should not be there. If there was a mistake in the prior period and you recorded something in this period in order to fix it then you will have a bloody mess. Generally speaking I think you should not record anything extra you should simply reopen the closed. With the accountants password and fix the mistake in the past accounting period. You should also reconcile each month of the past accounting. So that you're sure that the past reconciliations are correct and everything will match for the current reconciliation. I hope that helps and I hope you will tune in next month when I have a complete tutorial and a full course all about bank reconciliation and it will be beautiful and knock your socks off and if you watch the whole thing and proper order then I can assure you they will never be a future situation that you will not be able to handle in bank reconciliation so please come back. I only ask that you remember to click like after each video you watch to help support the free channel for everyone and please subscribe. Mark
The balance sheet lists all the current assets, including Inventory and A/R under the Current Assets. How to classify the bank accounts under separate types in the balance sheet (Cash and cash equivalents - or Bank)? Please advise
Thank you for asking Since quick books and quick books online give a limited set of choices for the different bank account types What will usually happen is that the trial balance Will be exported to excel and then the accountant who is making the report will put in the proper summary categories and classifications and they'll be slightly different from situation to situation So in quick books online it really won't matter as long as you choose bank type of account Mark
@@worldwidequickbooks But it listed all accounts under the Current assets, I want to differentiate the bank accounts, Inventory and AR. Thanks for your interest and replay.
thanks sir appreiate it ....sir please made complete practice videos like full month bookkeeping video which will help us to practice real world scenerios
Hello, Thank you for such great informative videos! I'm looking forward to seeing more. I currently have a reconciliation discrepancy that is caused due to deleted duplicate transaction that has been reconciled. Now i cannot move on with reconciliation due to that discrepancy. The amount is almost 2 k. I would like to use the forced adjusting entry by Quickbooks online but I am nervous to mess things up. How can I proceed with this? Thank you
Thank you so much for the kind words and for being a loyal fan and student and I think I might be able to help you Do not yet adjust until you've seen the reconciliation discrepancy report and please watch this video that will explain how the reconciliation discrepancy report might be able to fix your problem so you can fix the actual problem rather than adjusting your bank reconciliation That would be the more preferable outcome so please let me know what you think of this video ruclips.net/video/gbM57q3M2E4/видео.html I hope you always remember to click like when finished Please let me know if it helped. There are additional steps we might be able to take. Mark
@@worldwidequickbooks Mark, you are amazing! I really appreciate your help with this! I recently took over client's books and have to figure out a lot of stuff since there was a bit of a mess with previous reconciliations. I am also very new to this, but your videos help me a lot! I watched your video as per your suggestion and It is very informative. Unfortunately it doesn't apply to my situation as the transaction was deleted as per customer's request since it was a duplicate, which I have confirmed. I need to move forward from this point. I used the forced adjusting entry to be able to reconcile the account. I can see it in my P&L report that QBO is showing it as an expense and that brings the net profit down. I can see that Reconciliation Discrepancy Account was debited. So do I have to credit this account now to bring the balance to zero and therefore remove the expense from P&L? Would this have to be done by creating a Journal Entry? Hope I am on the right path here. Thanks again for your help!
@@worldwidequickbooks Mark, you are amazing! thank you so much for your help! I have watched the video and it is very helpful and informative. Unfortunately it does not apply to my case. I saw the reconciliation discrepancy report and confirmed that this transaction was deleted after it has been reconciled on purpose by previous accountants (due to it being a duplicate as per client) to have accurate P&L for the Year End and tax purposes. So I can't go back to recreate it as it will be creating the expense that didn't happen. I ended up using the Journal entry by QBO to make it fit so I can move on with reconciliation. Now I can see the expense in my P&L under Reconciliation Discrepancies account for that amount. What my next step should be? Would I have to create a JE to zero out the balance of the Reconciliation Discrepancy account? Meaning as the QBO has debited Reconciliation Discrepancy Account, do I now have to credit it to bring balance to zero?
My problem is that I operate in USD and EUR and some times it is impossible to apply the exchange rate to the cent so, occasionally, I have annoying USD 0.01 here and there. It frustrates me .
Here's the playlist about beginning balances and if you watch it improper order you'll have everything please. confirm its what you need. If it helps you I hope you will click like after each one that you watch to help support the free channel for everyone and please subscribe
@@worldwidequickbooks Hi! Thank you! Attending a meeting in the USA now and travelling back to Spain on Dec 7. Bear with me till I make it home and cand start watching 🥰
It's not different you just are comparing the balances of different dates you have to control the dates on your reports and register and then you will be fine Mark
Can I have your WhatsApp number 😅😊 can u help me to find a job in USA based QuickBooks I have bachelor degree in accounting and learnt QuickBooks from you I am from UAE and Iran
Oh hello and thank you so much for watching my videos I'm happy to help any student I do not have a job available.But I have a great video that will teach you how to Be A. Self employed , bookkeeper and many people love it ruclips.net/video/2HVHKmkYTpE/видео.html I'm happy to answer your question In the comments section , if you have any and I hope you will please help this free Channel by clicking like after watching each 2 help support the free help for everyone and please stay in touch Mark
Hello my friends!!
There’s no shame in adjusting your bank reconciliation to make it fit. As long as the amount is “immaterial” you can get away with it even though it’s technically not right; but there is no alternative. This video will show you when it’s ok and exactly how to adjust as well as everything that happens when ou adjust. It will also explain everything about the “reconciliation discrepancies” account. This video will help yo and it even shows an example reconciliation that needed adjusting.
I hope you will click “like” and subscribe.
-Mark
Lmfao, that intro is solid. Subscribed yesterday, thank you for the wealth of info.
Thanks for the Kind words
Let me know if you need any particular topic and please remember to click like after each 2 help support the free channel for everyone and please subscribe
Mark
@@worldwidequickbooks Will do. Thanks Mark!
Hi Sir,
Accounting was always a difficult subject for me to understand. But your explanations are so clear and simple, I’m sure I would have aced all my accounting courses in college had you been my instructor! Thanks for sharing your knowledge and amazing teaching ability with us!
Thanks and welcome
I appreciate the kind words and use my channel as a resource for everything in accounting and quick books.And I hope you will always remember to click like after watching each 12 help support the free channel for everyone and please subscribe
Mark
Thank you so much for your really practical and useful lessons
You're very welcome!
I hope you will click like after watching each to help support the free channel for everyone and please subscribe
Mark
Mr QuickBooks Dude
Show is real and actual projects
From A to Z
You help us very much in this way
Thank you see my other response
Hi Sir, you're simply the best! Please keep uploading videos❤ Thank you for free training. I watch your videos even from 3 years ago hehe
Wow, thanks
I appreciate the loyalty and I'm very glad you like.The videos and the new one is coming in a few days and believe me.In the coming year you're going to see great stuff if you like the previous stuff
Stay in touch and let me know if you need anything and don't forget to click like after watching each 12 help support the Is free channel for everyone
Mark
Learning so much from you.
Keep posting more content for students like me.
😊
Thank you, I will
There's much more to come and I have a video for any other quick books topics.So please just ask if you need anything in particular
I hope.
You will click like after watching each 12 help support the free channel for everyone and please subscribe
Mark
Great informative video 😊
Glad you liked it
Thanks for being a loyal fan and student.And I hope you will click like and subscribe
Mark
Great intro
Thanks so much and I hope you will click like And subscribe
Hello Mark!
Appreciate your help with all this!
I had to use the QBO forced adjusting entry because the deleted transaction was a duplicate and previous bookkeeper has closed the books for the year end. Now I have an expense showing on my P&L for that amount. I need to bring this to zero as there was no actual expense. Can I do this by opening the JE and crediting the Reconciliation discrepancy account to bring it to zero? Will it mess up my reconciliation again and credit card account balance?
Thank you for reaching out and I do want to help you but unfortunately your description of the situation is not sufficient.
I respect the fact that it's hard for a person to know what to include when they're reaching out for help and describing their situation in QuickBooks.
And of course I want to help you but I can't give advice if I'm not 100% sure of exactly what happened.
I can however in for some of what's going on from what you said and give you some general advice.
Don't try to fix a mistake by recording something that simply should not be there.
If there was a mistake in the prior period and you recorded something in this period in order to fix it then you will have a bloody mess.
Generally speaking I think you should not record anything extra you should simply reopen the closed. With the accountants password and fix the mistake in the past accounting period.
You should also reconcile each month of the past accounting. So that you're sure that the past reconciliations are correct and everything will match for the current reconciliation.
I hope that helps and I hope you will tune in next month when I have a complete tutorial and a full course all about bank reconciliation and it will be beautiful and knock your socks off and if you watch the whole thing and proper order then I can assure you they will never be a future situation that you will not be able to handle in bank reconciliation so please come back.
I only ask that you remember to click like after each video you watch to help support the free channel for everyone and please subscribe.
Mark
The balance sheet lists all the current assets, including Inventory and A/R under the Current Assets.
How to classify the bank accounts under separate types in the balance sheet (Cash and cash equivalents - or Bank)?
Please advise
Thank you for asking
Since quick books and quick books online give a limited set of choices for the different bank account types
What will usually happen is that the trial balance Will be exported to excel and then the accountant who is making the report will put in the proper summary categories and classifications and they'll be slightly different from situation to situation
So in quick books online it really won't matter as long as you choose bank type of account
Mark
@@worldwidequickbooks But it listed all accounts under the Current assets, I want to differentiate the bank accounts, Inventory and AR.
Thanks for your interest and replay.
thanks sir appreiate it ....sir please made complete practice videos like full month bookkeeping video which will help us to practice real world scenerios
Try this
ruclips.net/video/aoWghI3kvpc/видео.html
Hello,
Thank you for such great informative videos!
I'm looking forward to seeing more.
I currently have a reconciliation discrepancy that is caused due to deleted duplicate transaction that has been reconciled. Now i cannot move on with reconciliation due to that discrepancy. The amount is almost 2 k.
I would like to use the forced adjusting entry by Quickbooks online but I am nervous to mess things up. How can I proceed with this?
Thank you
Thank you so much for the kind words and for being a loyal fan and student and I think I might be able to help you
Do not yet adjust until you've seen the reconciliation discrepancy report and please watch this video that will explain how the reconciliation discrepancy report might be able to fix your problem so you can fix the actual problem rather than adjusting your bank reconciliation
That would be the more preferable outcome so please let me know what you think of this video
ruclips.net/video/gbM57q3M2E4/видео.html
I hope you always remember to click like when finished
Please let me know if it helped. There are additional steps we might be able to take.
Mark
@@worldwidequickbooks Mark, you are amazing! I really appreciate your help with this!
I recently took over client's books and have to figure out a lot of stuff since there was a bit of a mess with previous reconciliations. I am also very new to this, but your videos help me a lot!
I watched your video as per your suggestion and It is very informative.
Unfortunately it doesn't apply to my situation as the transaction was deleted as per customer's request since it was a duplicate, which I have confirmed.
I need to move forward from this point.
I used the forced adjusting entry to be able to reconcile the account. I can see it in my P&L report that QBO is showing it as an expense and that brings the net profit down.
I can see that Reconciliation Discrepancy Account was debited. So do I have to credit this account now to bring the balance to zero and therefore remove the expense from P&L? Would this have to be done by creating a Journal Entry?
Hope I am on the right path here.
Thanks again for your help!
@@worldwidequickbooks Mark, you are amazing! thank you so much for your help!
I have watched the video and it is very helpful and informative. Unfortunately it does not apply to my case. I saw the reconciliation discrepancy report and confirmed that this transaction was deleted after it has been reconciled on purpose by previous accountants (due to it being a duplicate as per client) to have accurate P&L for the Year End and tax purposes. So I can't go back to recreate it as it will be creating the expense that didn't happen.
I ended up using the Journal entry by QBO to make it fit so I can move on with reconciliation. Now I can see the expense in my P&L under Reconciliation Discrepancies account for that amount.
What my next step should be?
Would I have to create a JE to zero out the balance of the Reconciliation Discrepancy account? Meaning as the QBO has debited Reconciliation Discrepancy Account, do I now have to credit it to bring balance to zero?
Can I be your intern in bookkeeping for a while
Or
Can you put a video of your actual and real bookkeeping jobs from a to z of it or them?
Send an email to worldwidequickbooks@gmail.com.And I might have a c p a that you can do some bookkeeping for remotely but I don't want a promise
Mark
My problem is that I operate in USD and EUR and some times it is impossible to apply the exchange rate to the cent so, occasionally, I have annoying USD 0.01 here and there. It frustrates me .
Here's the playlist about beginning balances and if you watch it improper order you'll have everything please.
confirm its what you need.
If it helps you I hope you will click like after each one that you watch to help support the free channel for everyone and please subscribe
@@worldwidequickbooks Hi! Thank you! Attending a meeting in the USA now and travelling back to Spain on Dec 7. Bear with me till I make it home and cand start watching 🥰
Okay, so I did alll that. However, the bank account balance on my balance sheet is different than the one in the register, now can I fix this?
It's not different you just are comparing the balances of different dates you have to control the dates on your reports and register and then you will be fine
Mark
Can I have your WhatsApp number 😅😊 can u help me to find a job in USA based QuickBooks
I have bachelor degree in accounting and learnt QuickBooks from you
I am from UAE and Iran
Oh hello and thank you so much for watching my videos
I'm happy to help any student
I do not have a job available.But I have a great video that will teach you how to
Be A.
Self employed , bookkeeper and many people love it
ruclips.net/video/2HVHKmkYTpE/видео.html
I'm happy to answer your question In the comments section , if you have any and I hope you will please help this free Channel by clicking like after watching each 2 help support the free help for everyone and please stay in touch
Mark
@@worldwidequickbooks THANK YOU MR MARK, YOU ARE GOOD HUMAN THANK YOU FOR BEING WITH US