Hello my diligent responsible QuickBooks friends!! I think it’s great that you want to be an expert in bank reconciliation in QuickBooks. This is a special video that shows you the ideas behind everything you need to know about how to prove that a company’s set of records are completely correct. These ideas apply to every accounting software for every type of company. It is the first video in both the desktop an Online QuickBooks bank reconciliation course. You can watch every video in both playlists to really become an expert in Bank reconciliation. This specific special video gives an overview of what bank reconciliation is and why we need it. QuickBooks Online students will be prepared for the actual bank recs that we will do together in this bank Reconciliation QuickBooks course. I hope you will click “Like” and subscribe. -Mark
Oh thank you Mark! You are not just the quickbook dude....I'd say more like a guru & definitely my QBO hero!! I went through the 3 day boot camp and although it taught me so much, I still feel a bit lost or like I missed some critical info. Four different trainers covered 6 major lessons & cant help but feeling like I have gaps. I left the bootcamp feeling overwhelmed as if I had just enough information to be dangerous. Anyhow, I have 3 years worth of reconciling to do on a clients books and their prior bookkeeper said she reconciled but beginning balances are 100K + off, started to question my cognitive abilities as I felt ill-equipped to tackle it cuz God forbid I should make it worse!
At 6:58 in this video, "if we made the mistake, we just fix it in QBO the way we previously learned" . Where in the video series is mistake correction covered? I've already watched the complete tutorial ch 8 and 9 and can't figure out how to remove duplications for check numbers nor do I understand why that happened by upgrading to QBO from QB desktop and importing the data.
Sounds like you have a Tech Support issue when you made your transfer from one software to the other. That would be a Tech Support issue. And yes, you are correct, chapter 8 and 9 of the main tutorial show you how to fix any mistake that you might find during the reconciliation process; it's very easy. I'm glad those chapters make that clear. Thank you! Mark
Thank you for the compliment and I'm glad it helped you You can get anything else you need in quick books by going to the main channel page or just asking If hope you will click like after watching each one and subscribe Mark
Hello! I'm currently working with Quickbooks Enterprise solutions 2023. I was given the assignment to clear old transactions from previous years that are still unreconciled but that belong to closed tax year periods. I do not know what would be the proper way to clear these entries from the bank register without affecting the books. I do not want to delete or void them because it would throw off previous financial reports. Please assist at your earliest convenience.
Thank you Teresa, You should NOT do that. It WILL destroy the current reconciliations that come after. The only proper way to do that is to go back to the oldset possible month that you are reconciling and properly perform the bank reconciliation from that point foward (using the statements). You will still be clearing the older checks but you will be doing it the correct way by matching them to the bank. Again, I suggets that you do not do this because from the moment you start doing the past month's reconcilation, until you do all up to the current ones that are done, the numbers will be off. Also, whatewver is the oldest month you start with, you should treat as the very first month and apply the techniques from this playlist that specificaly relate to the first month's reconciliation. Please click in the top-right corner of this video to get the full playlist. You will see the titles of the videos and check the #8 or 9 for the special issues with first months bank rec. In fact, it would be best if you watched the whole playlist in proper order for better understanding. -Mark
Please point me in the right direction. my treasurer deposited a check in the wrong bank account, the bank accounts are at the same bank so she then went online and just did a transfer from one account to the other. How do I properly record that?
Thank you for asking The solution is simple Simply record the actual transactions as they actually happened If you deposited the check into the different account you have to record it being deposited into the different account and if you made a transfer you have to record the transfer and as long as you are recording everything that the bank is recording just reconcile and match the transactions and everything will be fine Mark
How do you change the End date (Wrong Year everything else is balanced and fine ) after you have already Saved the Reconcile and moved on to the next months?
Thank you for asking Unfortunately you have to undo the reconciliation and here's the video explaining how to undo the reconciliation ruclips.net/video/dixrT2rkd98/видео.html If you click in the top right corner of this video you will get the link to the full bank reconciliation playlist and if you watch it in proper order everything will be clear and you will have everything you need I hope you will click like after watching each one to help support the free channel for everyone and please subscribe Mark
Yes, the video explains at the begining that you must have the accountant's edition to undo a reconciliation. You could invite an accountant user to log in as the accountant user and then the option will be available. Here's how to sign up for the free accountant's edition...... ruclips.net/video/0tBKo7Bb9Bk/видео.html After that, here is the video showing how to invite an accountant user so someone can invite the new accountant account and undo your reconciliation. ruclips.net/video/uVUMLnqQ91s/видео.html It's twards the end of the video whne it shows inviting an accountant. Then you will be able to do it. -Mark
Is it possible to UNDO all the reconciled statement then redo them all? I have seen "double-entry" at the register, that one with "R" and the one that is "blank". Is it true that click each transaction from "R" to "C" make a statement Unreconciled?
Hello my diligent responsible QuickBooks friends!!
I think it’s great that you want to be an expert in bank reconciliation in QuickBooks.
This is a special video that shows you the ideas behind everything you need to know about how to prove that a company’s set of records are completely correct. These ideas apply to every accounting software for every type of company. It is the first video in both the desktop an Online QuickBooks bank reconciliation course. You can watch every video in both playlists to really become an expert in Bank reconciliation. This specific special video gives an overview of what bank reconciliation is and why we need it. QuickBooks Online students will be prepared for the actual bank recs that we will do together in this bank Reconciliation QuickBooks course.
I hope you will click “Like” and subscribe.
-Mark
Oh thank you Mark! You are not just the quickbook dude....I'd say more like a guru & definitely my QBO hero!! I went through the 3 day boot camp and although it taught me so much, I still feel a bit lost or like I missed some critical info. Four different trainers covered 6 major lessons & cant help but feeling like I have gaps. I left the bootcamp feeling overwhelmed as if I had just enough information to be dangerous. Anyhow, I have 3 years worth of reconciling to do on a clients books and their prior bookkeeper said she reconciled but beginning balances are 100K + off, started to question my cognitive abilities as I felt ill-equipped to tackle it cuz God forbid I should make it worse!
Great lecture
Many thanks
At 6:58 in this video, "if we made the mistake, we just fix it in QBO the way we previously learned" . Where in the video series is mistake correction covered? I've already watched the complete tutorial ch 8 and 9 and can't figure out how to remove duplications for check numbers nor do I understand why that happened by upgrading to QBO from QB desktop and importing the data.
Sounds like you have a Tech Support issue when you made your transfer from one software to the other. That would be a Tech Support issue.
And yes, you are correct, chapter 8 and 9 of the main tutorial show you how to fix any mistake that you might find during the reconciliation process; it's very easy. I'm glad those chapters make that clear. Thank you!
Mark
I LOVE THE KITTY
Thank you she hopes you will click like And subscribe
Thanks for doing this video! :) Your explanation is clear and easy to understand. Keep it up! :) #teamreplay
Thank you for the compliment and I'm glad it helped you
You can get anything else you need in quick books by going to the main channel page or just asking
If hope you will click like after watching each one and subscribe
Mark
Hello! I'm currently working with Quickbooks Enterprise solutions 2023. I was given the assignment to clear old transactions from previous years that are still unreconciled but that belong to closed tax year periods. I do not know what would be the proper way to clear these entries from the bank register without affecting the books. I do not want to delete or void them because it would throw off previous financial reports. Please assist at your earliest convenience.
Thank you Teresa,
You should NOT do that. It WILL destroy the current reconciliations that come after. The only proper way to do that is to go back to the oldset possible month that you are reconciling and properly perform the bank reconciliation from that point foward (using the statements). You will still be clearing the older checks but you will be doing it the correct way by matching them to the bank.
Again, I suggets that you do not do this because from the moment you start doing the past month's reconcilation, until you do all up to the current ones that are done, the numbers will be off.
Also, whatewver is the oldest month you start with, you should treat as the very first month and apply the techniques from this playlist that specificaly relate to the first month's reconciliation.
Please click in the top-right corner of this video to get the full playlist. You will see the titles of the videos and check the #8 or 9 for the special issues with first months bank rec. In fact, it would be best if you watched the whole playlist in proper order for better understanding.
-Mark
Please point me in the right direction. my treasurer deposited a check in the wrong bank account, the bank accounts are at the same bank so she then went online and just did a transfer from one account to the other. How do I properly record that?
Thank you for asking
The solution is simple
Simply record the actual transactions as they actually happened
If you deposited the check into the different account you have to record it being deposited into the different account and if you made a transfer you have to record the transfer and as long as you are recording everything that the bank is recording just reconcile and match the transactions and everything will be fine
Mark
How do you change the End date (Wrong Year everything else is balanced and fine ) after you have already Saved the Reconcile and moved on to the next months?
Thank you for asking
Unfortunately you have to undo the reconciliation and here's the video explaining how to undo the reconciliation
ruclips.net/video/dixrT2rkd98/видео.html
If you click in the top right corner of this video you will get the link to the full bank reconciliation playlist and if you watch it in proper order everything will be clear and you will have everything you need
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe
Mark
@@worldwidequickbooks unfortunately that undo button is no where to be found I have watched each of them
Yes, the video explains at the begining that you must have the accountant's edition to undo a reconciliation. You could invite an accountant user to log in as the accountant user and then the option will be available.
Here's how to sign up for the free accountant's edition......
ruclips.net/video/0tBKo7Bb9Bk/видео.html
After that, here is the video showing how to invite an accountant user so someone can invite the new accountant account and undo your reconciliation.
ruclips.net/video/uVUMLnqQ91s/видео.html
It's twards the end of the video whne it shows inviting an accountant.
Then you will be able to do it.
-Mark
Are there any changes to the reconciliation process in the latest update?
No, it has been the same for years
Is it possible to UNDO all the reconciled statement then redo them all? I have seen "double-entry" at the register, that one with "R" and the one that is "blank". Is it true that click each transaction from "R" to "C" make a statement Unreconciled?
Yes
Yes