Quickbooks Tutorials 2013 - The importance of bank reconciliation

Hi Everyone my name is Brandon Bueno with Polaris Bookkeeping and today I would be showing a new QuickBooks Tutorial on the importance of reconciling your bank accounts now at the end of each month you look at the your banks statement to see if it agrees with the record you QuickBooks checkbook register this way you can see at the amount you think you have in your checkbook is accurate on the top of your page you'll find a small icon that says banking, click on it And choose reconcile, or you can choose the tab called reconcile on your home page Go ahead and click that The next step is to make sure that you match your statement date on the bank statement along with your beginning balance once that you've made sure that it matches go ahead and put the an imbalance which shows a new bank statement you also have the option of putting it in service charger it interest earned whether or not issuing a new bank statement currently once that is completed go ahead and he continued QuickBooks will bring you to bring to this new window where shows you all of your payments and all of you deposit. So let me show you how to reconcile On your left side you have your checks and payments, on your right you'll have your deposits and other credits now as you can see all of them have been unchecked which you want to do is you would have mark all and once you've done that on your bottom right you want to go over here to make sure that your ending balance matches your clear balance if you're unable to reconcile the first time I’d recommend that you check the Difference, now normally when the ending balance matches the clear balance the difference will always be zero and then you can reconcile, however if it does not appear zero can you have a discrepancy Some of the issues I have encountered while I was learning how to reconcile in QuickBooks is that I would be keying the transaction more than once or I would key in the wrong amount for that transaction or I bank statement. Now this can happen to anyone so don't feel silly if this happens To you the best thing to do is to go back and make sure that you fix the problem so your difference will be zero. Once the difference is zero go ahead And hit reconcile now was that is complete go ahead and it hit closed and now you successively reconciled your bank account I really hope you enjoyed this QuickBooks tutorial And found this video to be very helpful and educational if you have any questions regarding the conciliation feel free to leave a comment below. Thank you for watching