Hello, my QuickBooks Bank Reconciliation fans! This video of learning QuickBooks online will expose you to the most normal and usual mistakes that a bookkeeper makes during the month. The whole point of bank reconciliation is to catch and fix these common errors so that your cleared balance matches the bank. I thank you all and hope that you will click “like” and “subscribe.
Thank you so much Mark for your training. I've taken several of your online training tutorials. You go at a great pace, I don't feel rushed at all. Thank you again.
Great to hear! Please let me know if this any other topic you need and I hope you will click like after watching each one to help support the free channel for everyone and please subscribe. Mark
I was wondering at one time if I could do the bank reconciliation manual instead of having it go thru the bank. I do the books for someone and he does not want it coming down thru his bank. I now see I can do that. Pat
Hi, I have a question about my practice file. I want to clear my previous all data from my company file and make it fresh for further practice. Thank you
Not possible There is no batch delete and quick books online so you will have to from the journal report and delete everything one by one The other alternative is to simply cancel your account and open a brand new account and start Fresh. And I recommend that alternative because the account will be easier to manage if its brand new. Mark
Would you please make a video showing transaction input for March'17, April'17, & May'17? If you have already made it, please give me the link. Because, to prepare bank reconciliation I must input transaction first in QuickBooks Online.
Thank you so much!! Here is the link to download the bank statements marksmolen.com/ACCOUNTING/BANK-REC-ALL-STATEMENTS.xlsx I will give you the link to the transactions to import to do the full course when you reply to this comment. The link to the full bank rec course to watch in PROPER ORDER is here ..... ruclips.net/video/rVPMYw84UaE/видео.html -Mark
@@worldwidequickbooks I already downloaded the bank reconciliation statement. I was watching your QuickBooks Online bank statement playlist. I have done the bank reconciliation for Jan & Feb'17 by watching your video. But I got stuck when it came to March, April & May. I didn't input transactions for those months.
Thanks Mark! I will input the transaction on QuickBooks online following the Excel sheet you provided. One more request, Can you provide me with the customer balance and supplier balance statement for March, April & May'17?
Thank you so much!! yes, if you want to follow step-by-step, then there's a lot I hav eto give you. The numbers in the account, before you reconciles, come from 2 prior free coruses here on youtube. This one starts at zero and teaches everything in QBO. If you follow this one, starting from zero, you will have half the transactions you need. ruclips.net/video/aoWghI3kvpc/видео.html Then, the numbers follow to this ADVACED playlist that you have to watch in proper order......... ruclips.net/video/1PL1xHBIOS4/видео.html After finishing that, you will have all the numbers in the account that you need to reconcile. The full bank reconciliation playlist can be reached by clicking in the top-right corner of this video. You need to watch that one in proper order as well. If you don't want to spend time watching all the videos before learning how to reconcile, then send me an email and I will send you the transaction list that you can inport to a blank, new QBO account and you can do just the babk rec part. worldwidequickbooks@gmail.com -Mark
Hi! Great training video. I just finished my reconciliation and I have a difference of 225.06 that I can't find to save my life. My ending and beginning balances are the same. All 'payments" and "deposits" have the same quantity and dollar amount. I don't know where the 225.06 comes from. Please help.
You can do it! In fact,you're the only one that could do it It might help somewhat if you watch the full playlist that this video is a part of. If you click in the top right corner of this video you'll get the link to the all the videos of bank reconciliation in proper order and if. You. Watch them in proper order,a few minutes each you will have everything you need. Sometimes having someone else go through things and looking at it fresh might help as well. But you'll see all the techniques and everything. How would applies if you are at least try to watch the full playlist Mark
@@worldwidequickbooks I appreciate the quick response, however I'm still at a standstill. I tried to go back and "undo' a reconciliation, but I am not getting an "undo" option. Only print. I am in "accountant View."
Hi Mark. Thank you for your very helpful content. I would I go about categorizing a refund my company receives from our insurance company in QBO so that it doesn't get counted as income?
Thank you that's an excellent question The partial refunding of an expense that you paid simply lowers the amount of that expense instead of being treated as income simply use the deposit window to record the deposit of the refund check from the insurance company and the account that you choose instead of income in the deposit window choose the original Insurance expense account That will record increasing your cash in bank and decreasing the insurance expense which is theoretically correct because if you got a refund that means you had less of that expense
I've searched, but have been unable to find the answer to my specific problem. I hope you can help. While reconciling last month's statement I noticed that the bank cleared a check for the incorrect amount. The check was $44.42 and the bank cleared it as $44.22.... out .20 cents. I've contacted the bank and they corrected it, but it will not show that correction until the October statement. What adjustment can I make in QB so that I can reconcile the Sept statement? I appreciate any help you can give me.
Thank you that's very interesting but my answer would depend on whether the bank paid the correct amount to the vendor or the bank paid the wrong amount to the vendor that you wrote the check to If the bank paid the vendor the wrong amount then you owe the vendor 20 more cents If the bank paid the correct amount to the vendor then the bank simply owes you the next 20 cents Tell me which one and I'll tell you the proper work around to fix everything smoothly
what if i have a difference of $1,100? while my beginning, ending, deposit balances are matching my bank statment? i have went through my reconciliation multiple times and i can account for everything listed down to the cent. there is no kind of debit or credit for that amount. i just need ideas as to how to find a potential problem that would cause this.
Thank you but there are other videos in this playlist that will help you. Did you look at the reconciliation discrepancy report before you started to reconcile? Take a look at that report and see if the beginning balance was matching in the first place. If you don't understand what I'm talking about that it's no problem. You can double-click in the top right corner of this video to get the link to the full bank reconciliation playlist.if you watch the playlist. In proper order everything will be clear and I promise you will know exactly what it do. It's worth the time because each video is only a few minutes long and it will really give you everything you need. If you still have questions after watching that it will be easier for you to ask because we will both be speaking the same language. Most people find the playlist as enough but if not that I'm here if you are ready to ask questions. Mark
So the first question is if the begining balance was the same as the ending blance from ythe propr month. If no, then you need the desacrepancy report -Mark
You can always reopen the check and change the number and save it with the correct number Then finish reconciling like normal and everything will work Mark
Sir, my question is still there after watching all your bank reconciliations videos, because I have missed to recording the beginning balance when I clicked on the reconciliation. Since I have recorded the ending balance, therefore when I click on editing, it takes me editing the ending balance but it doesn’t take me to beginning balance. I watched all your bank reconciliations videos but I didn’t find out about how to record beginning balance on middle of bank reconciliations in your videos. Please help me. Thanks.
The videos show exactly what to do in each situation I don't understand why my videos don't apply to what you're asking if you watched the whole playlist
@@worldwidequickbooks Sir, your video shows the adjustment by editing the ending balance. since you have put the beginning balance, therefore, editing takes you to adjust it, but I have missed putting the beginning balance during reconciliation, therefore, editing does not take me to adjust the beginning balance. Maybe that is the reason. I can adjust the ending balance by editing it, but not the beginning balance.
@@uroospunyali8861 Thank you but unfortunatly, there is no other way to say it besides the playlist videos. You are missing something and unfortunatly unable to explain it to me. I suggets you do the playlist carefully from start to finish because the answer is definatly there. -Mark
How do I fix an unclear balance from a saved and closed bank reconciliation? I double entry from JE and a notes payable. Also from some vendors credit. I had no differences but the report subtracted the unclear amounts to the registry. How do I adjust this ?
You need to "undo" each bank rec back to the point at which everything was fine. The, go foward doing everything slowly and correctly. The "undo bank rec video is in the playlist. I suggest you watch teh whole playlist in order to really get what is going on. I know it is a time sacrifice but it is worth it. I will then be more easily able to understand and answer your questions. The link to the whole playlist is in the description and the top right of the video has links you can click on to get the rest of the playlist. Look for the "undo bank rec" video in the playlist and you will see. -Mark
Hi sir, for "clearing wrong checks with because they have the same money amounts" this part, so we should go to the register to clear #75 and unclear #61 right? but after this why we need to void the check#61? we can just leave the #61 there as an outstanding check and reconcile it next month, could you please explain a little bit ? thanks!
Thank you for your question, I assume that the video implies that check 61 was a mistake rather than an unclear check, however, you are correct the check number 61 is simply an unclear check with the same amount, then you would be correct and leaving it alone and clearing it on the next month bank reconciliation I appreciate your Devotion to the videos and the full playlist that you can get from the link inside the description field I hope you will click like after watching each one and subscribe Mark
@@worldwidequickbooks sir, thank you for your answer, I have already subscribed your channel and finished these 13 bank reconciliation related videos and really like it, I will continue to learn from you, thanks again!
Since its time for payroll taxes can u do a video on payroll and 401k contribution and how to do payroll taxes and what forms needs to be filled. thanks
Hello, can you help me with a voided transaction from January? I reconciled the month of January, but in an effort to get rid of a transaction in bill payment, I accidentally voided the reconciled transaction (long story). But I entered the transaction as a "check" because it was an online payment that I wanted to show in the register. Then I accidentally voided that "check" transaction. How do I undo the void? Keeping in mind it was already reconciled. Thank you.
Voiding a transaction only makes the money amount become zero It does not remove the transaction completely and it is not the same as the leading a transaction You should be able to find it in the check register and simply put the money amount back in by editing the transaction When you next reconcile, make sure the beginning balance matches or else you will have to reopen the register and mark the transaction as cleared In order to best understand my advice, you should watch the entire playlist that this particular video is a part of You can click in the top right where the links are to the whole playlist or you can open up the description field and find the link to the entire playlist and that question and all your other questions will be answered I hope that helped and I'm here if you have any other questions and please remember to click like after watching each one and subscribe Mark
Hi Mark, thank you for this playlist for Bank reconciliation. It is the best QBO tutorial! I have a question here - I FINISHED bank recon for month closing, all entries were cleared. but just realized I have one more bill to enter, which was a tax invoice we paid by check. 3/14 Tax agency billed us $5 3/28 Wrote bank check $5 and sent out 4/5 The check was cashed by the tax office and $5 debit from our checking account We hardly pay with physical checks so I am not familiar with unclear check over month end. If I enter this check payment, cash in bank will decrease in QB. Once bank recon is finished, there is no way to make additional entry reflects cash amount? Thank you for your help!
Thank you and I'm happy to help you but I don't quite understand what you're asking. What is different about this check that it would have somehow effect on your bank reconciliation condition? I can just give you some general advice If it's on the bank statement then put it into quick books and make sure it's the same and then market as cleared.if it's not. On the bank statement then simply don't put it and if it appears on a future bank statement you'll deal with it then.. That's the simplest way to make sure everything is correct when. You do bank reconciliation? But any other detail would require that I ask you a series of questions and concentrate more on that and we would have to do a formal session if you're interested.
Hello, my QuickBooks Bank Reconciliation fans! This video of learning QuickBooks online will expose you to the most normal and usual mistakes that a bookkeeper makes during the month. The whole point of bank reconciliation is to catch and fix these common errors so that your cleared balance matches the bank.
I thank you all and hope that you will click “like” and “subscribe.
Thank you so much Mark for your training. I've taken several of your online training tutorials. You go at a great pace, I don't feel rushed at all. Thank you again.
Great to hear!
Please let me know if this any other topic you need and I hope you will click like after watching each one to help support the free channel for everyone and please subscribe.
Mark
I was wondering at one time if I could do the bank reconciliation manual instead of having it go thru the bank. I do the books for someone and he does not want it coming down thru his bank. I now see I can do that. Pat
Hi, I have a question about my practice file. I want to clear my previous all data from my company file and make it fresh for further practice. Thank you
Not possible
There is no batch delete and quick books online so you will have to from the journal report and delete everything one by one
The other alternative is to simply cancel your account and open a brand new account and start Fresh. And I recommend that alternative because the account will be easier to manage if its brand new.
Mark
Would you please make a video showing transaction input for March'17, April'17, & May'17? If you have already made it, please give me the link. Because, to prepare bank reconciliation I must input transaction first in QuickBooks Online.
Thank you so much!!
Here is the link to download the bank statements
marksmolen.com/ACCOUNTING/BANK-REC-ALL-STATEMENTS.xlsx
I will give you the link to the transactions to import to do the full course when you reply to this comment. The link to the full bank rec course to watch in PROPER ORDER is here .....
ruclips.net/video/rVPMYw84UaE/видео.html
-Mark
@@worldwidequickbooks I already downloaded the bank reconciliation statement. I was watching your QuickBooks Online bank statement playlist. I have done the bank reconciliation for Jan & Feb'17 by watching your video. But I got stuck when it came to March, April & May. I didn't input transactions for those months.
Thanks Mark! I will input the transaction on QuickBooks online following the Excel sheet you provided. One more request, Can you provide me with the customer balance and supplier balance statement for March, April & May'17?
Hello, I've finish the first part of QuickBooks training but don't have access to April or May for reconciliation. Is there a course that I missed?
Thank you so much!!
yes, if you want to follow step-by-step, then there's a lot I hav eto give you.
The numbers in the account, before you reconciles, come from 2 prior free coruses here on youtube.
This one starts at zero and teaches everything in QBO. If you follow this one, starting from zero, you will have half the transactions you need.
ruclips.net/video/aoWghI3kvpc/видео.html
Then, the numbers follow to this ADVACED playlist that you have to watch in proper order.........
ruclips.net/video/1PL1xHBIOS4/видео.html
After finishing that, you will have all the numbers in the account that you need to reconcile.
The full bank reconciliation playlist can be reached by clicking in the top-right corner of this video. You need to watch that one in proper order as well.
If you don't want to spend time watching all the videos before learning how to reconcile, then send me an email and I will send you the transaction list that you can inport to a blank, new QBO account and you can do just the babk rec part.
worldwidequickbooks@gmail.com
-Mark
I started the series from the beginning, and I can't find the excel files to practice along. Please help!!!!
I sent them by email and soon they will be back up on the website.
-Mark
Hi! Great training video. I just finished my reconciliation and I have a difference of 225.06 that I can't find to save my life. My ending and beginning balances are the same. All 'payments" and "deposits" have the same quantity and dollar amount. I don't know where the 225.06 comes from. Please help.
You can do it!
In fact,you're the only one that could do it
It might help somewhat if you watch the full playlist that this video is a part of.
If you click in the top right corner of this video you'll get the link to the all the videos of bank reconciliation in proper order and if. You. Watch them in proper order,a few minutes each you will have everything you need.
Sometimes having someone else go through things and looking at it fresh might help as well. But you'll see all the techniques and everything. How would applies if you are at least try to watch the full playlist
Mark
@@worldwidequickbooks I appreciate the quick response, however I'm still at a standstill. I tried to go back and "undo' a reconciliation, but I am not getting an "undo" option. Only print. I am in "accountant View."
Hi Mark. Thank you for your very helpful content. I would I go about categorizing a refund my company receives from our insurance company in QBO so that it doesn't get counted as income?
Thank you that's an excellent question
The partial refunding of an expense that you paid simply lowers the amount of that expense instead of being treated as income
simply use the deposit window to record the deposit of the refund check from the insurance company and the account that you choose instead of income in the deposit window choose the original Insurance expense account
That will record increasing your cash in bank and decreasing the insurance expense which is theoretically correct because if you got a refund that means you had less of that expense
@@worldwidequickbooks Thank you again Mark! You're amazing!
@@socalacousticalinc5050 My pleasure; I hope you click "like" and subscribe
I've searched, but have been unable to find the answer to my specific problem. I hope you can help. While reconciling last month's statement I noticed that the bank cleared a check for the incorrect amount. The check was $44.42 and the bank cleared it as $44.22.... out .20 cents. I've contacted the bank and they corrected it, but it will not show that correction until the October statement.
What adjustment can I make in QB so that I can reconcile the Sept statement? I appreciate any help you can give me.
Thank you that's very interesting but my answer would depend on whether the bank paid the correct amount to the vendor or the bank paid the wrong amount to the vendor that you wrote the check to
If the bank paid the vendor the wrong amount then you owe the vendor 20 more cents
If the bank paid the correct amount to the vendor then the bank simply owes you the next 20 cents
Tell me which one and I'll tell you the proper work around to fix everything smoothly
what if i have a difference of $1,100? while my beginning, ending, deposit balances are matching my bank statment? i have went through my reconciliation multiple times and i can account for everything listed down to the cent. there is no kind of debit or credit for that amount. i just need ideas as to how to find a potential problem that would cause this.
im thinking it could be like the #3 error on the bank statement in the video. ive went through everything at least twice and still cannot find it
Thank you but there are other videos in this playlist that will help you.
Did you look at the reconciliation discrepancy report before you started to reconcile?
Take a look at that report and see if the beginning balance was matching in the first place.
If you don't understand what I'm talking about that it's no problem. You can double-click in the top right corner of this video to get the link to the full bank reconciliation playlist.if you watch the playlist. In proper order everything will be clear and I promise you will know exactly what it do. It's worth the time because each video is only a few minutes long and it will really give you everything you need.
If you still have questions after watching that it will be easier for you to ask because we will both be speaking the same language.
Most people find the playlist as enough but if not that I'm here if you are ready to ask questions.
Mark
So the first question is if the begining balance was the same as the ending blance from ythe propr month. If no, then you need the desacrepancy report
-Mark
The check numbering is not correct, how do I correct it?
You can always reopen the check and change the number and save it with the correct number
Then finish reconciling like normal and everything will work
Mark
Sir, my question is still there after watching all your bank reconciliations videos, because I have missed to recording the beginning balance when I clicked on the reconciliation. Since I have recorded the ending balance, therefore when I click on editing, it takes me editing the ending balance but it doesn’t take me to beginning balance. I watched all your bank reconciliations videos but I didn’t find out about how to record beginning balance on middle of bank reconciliations in your videos. Please help me. Thanks.
The videos show exactly what to do in each situation I don't understand why my videos don't apply to what you're asking if you watched the whole playlist
Beginning balance is put in with a beginning balance adjustment just like the video shows
@@worldwidequickbooks Sir, your video shows the adjustment by editing the ending balance. since you have put the beginning balance, therefore, editing takes you to adjust it, but I have missed putting the beginning balance during reconciliation, therefore, editing does not take me to adjust the beginning balance. Maybe that is the reason. I can adjust the ending balance by editing it, but not the beginning balance.
@@uroospunyali8861 Thank you but unfortunatly, there is no other way to say it besides the playlist videos. You are missing something and unfortunatly unable to explain it to me.
I suggets you do the playlist carefully from start to finish because the answer is definatly there.
-Mark
How do I fix an unclear balance from a saved and closed bank reconciliation? I double entry from JE and a notes payable. Also from some vendors credit. I had no differences but the report subtracted the unclear amounts to the registry. How do I adjust this ?
You need to "undo" each bank rec back to the point at which everything was fine. The, go foward doing everything slowly and correctly.
The "undo bank rec video is in the playlist. I suggest you watch teh whole playlist in order to really get what is going on.
I know it is a time sacrifice but it is worth it.
I will then be more easily able to understand and answer your questions.
The link to the whole playlist is in the description and the top right of the video has links you can click on to get the rest of the playlist. Look for the "undo bank rec" video in the playlist and you will see.
-Mark
Hi sir, for "clearing wrong checks with because they have the same money amounts" this part, so we should go to the register to clear #75 and unclear #61 right? but after this why we need to void the check#61? we can just leave the #61 there as an outstanding check and reconcile it next month, could you please explain a little bit ? thanks!
Thank you for your question,
I assume that the video implies that check 61 was a mistake rather than an unclear check, however, you are correct the check number 61 is simply an unclear check with the same amount, then you would be correct and leaving it alone and clearing it on the next month bank reconciliation
I appreciate your Devotion to the videos and the full playlist that you can get from the link inside the description field
I hope you will click like after watching each one and subscribe
Mark
@@worldwidequickbooks sir, thank you for your answer, I have already subscribed your channel and finished these 13 bank reconciliation related videos and really like it, I will continue to learn from you, thanks again!
Since its time for payroll taxes can u do a video on payroll and 401k contribution and how to do payroll taxes and what forms needs to be filled. thanks
Payroll videos comming soon.
Hello, can you help me with a voided transaction from January? I reconciled the month of January, but in an effort to get rid of a transaction in bill payment, I accidentally voided the reconciled transaction (long story). But I entered the transaction as a "check" because it was an online payment that I wanted to show in the register. Then I accidentally voided that "check" transaction. How do I undo the void? Keeping in mind it was already reconciled. Thank you.
Voiding a transaction only makes the money amount become zero
It does not remove the transaction completely and it is not the same as the leading a transaction
You should be able to find it in the check register and simply put the money amount back in by editing the transaction
When you next reconcile, make sure the beginning balance matches or else you will have to reopen the register and mark the transaction as cleared
In order to best understand my advice, you should watch the entire playlist that this particular video is a part of
You can click in the top right where the links are to the whole playlist or you can open up the description field and find the link to the entire playlist and that question and all your other questions will be answered
I hope that helped and I'm here if you have any other questions and please remember to click like after watching each one and subscribe
Mark
Hi Mark, thank you for this playlist for Bank reconciliation. It is the best QBO tutorial!
I have a question here - I FINISHED bank recon for month closing, all entries were cleared. but just realized I have one more bill to enter, which was a tax invoice we paid by check.
3/14 Tax agency billed us $5
3/28 Wrote bank check $5 and sent out
4/5 The check was cashed by the tax office and $5 debit from our checking account
We hardly pay with physical checks so I am not familiar with unclear check over month end.
If I enter this check payment, cash in bank will decrease in QB.
Once bank recon is finished, there is no way to make additional entry reflects cash amount?
Thank you for your help!
Thank you and I'm happy to help you but I don't quite understand what you're asking.
What is different about this check that it would have somehow effect on your bank reconciliation condition?
I can just give you some general advice
If it's on the bank statement then put it into quick books and make sure it's the same and then market as cleared.if it's not. On the bank statement then simply don't put it and if it appears on a future bank statement you'll deal with it then..
That's the simplest way to make sure everything is correct when. You do bank reconciliation? But any other detail would require that I ask you a series of questions and concentrate more on that and we would have to do a formal session if you're interested.