16 thoughts on “Quickbooks Tutorial – Bank Reconciliation Part 2

  • It looks like QB rely on the bank record mostly, what if a error made from bank side: ie. a check we sent for deposit at the end of the month got lost in the process and never recorded by the bank? How we can find that from our side ASAP before done our current month bank reconciliation? it could be well misclassified as Deposit in transit in this month reconciliation, are we risk of finding it too late until the next month Bank reconciliation? Hope to have you advices soon.
    Thank you.

  • just replayed the video. never mind, it is a deposit that seems to be on its way and was not included in the bank statement yet and is only in the books: $ 3351.80. So i guess it will be reconciled the following month once it is shown in the bank statement.

  • there is an item on the right side of the column in which you didn't tick, can you please tell us what that item is? and why it was not ticked?

  • Great lecture!
    By the way, I'm still confused about how QuickBooks deals with O/S checks or Deposits in Transit? Hope to hear from you again on this issue. Your advices are highly appreciated.

  • Nice one. The tutorial has enlighten me much on how to use quickbooks. Thank you. Keep it up!

  • all the background info you give as you go through is great and very helpful. I think it's always better to give more info in tutorials as these instead of less as people are seeking to learn and this info may help them. thanks again

  • No, your difference would still end at 0.

    If those checks didn't clear on your bank statement, then you leave them unticked in Quickbooks, as you said. Since unticked transactions don't make the difference go up or down, they won't throw off your ending number.

    Those transactions will then show up the next time you reconcile the account; you keep leaving them unticked until they finally clear the bank.

  • What if there are checks issued by me but not presented to bank? In that case these checks will remain unticked during my reco and the difference at the end will not be zero. Am I right?

  • If the difference is negative it means that the total amount that you have cleared (checked) in the bank reconciliation is that much LESS than what your bank statement says it should be. If the number is positive, it means it is MORE. If you checked your work and found no mistakes, you should check the Beginning Balance in QB versus what is on your bank statement. If they don't match, that's your problem. If not, you could make an adjusting entry, but I would only do that if it's a small amount.

  • i got a question i just started this tutorials before i even try anything and rewatch it again as i do the process but my question on bank reconcicliation is …if i were to get a diference in reconciliation mostlikely i made a mistake but what if i made sure i havent made a mistake ..and it still shows a diference does a negative implies the company is in debt or something is missing?could u explain me how the diference process works or what it means?
    p.s.Great videos!!

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