Download Quickbooks Reconciliation: A Step-by-Step Guide for Monthly Bank Statement Reconciliation and more Study notes Printing in PDF only on Docsity!
Using Quickbooks, Part 2
Reconciliation:
You will need to do a reconciliation each month and print out the reports. Start by clicking on the 'Reconcile' link on the main screen. You also can find 'Reconcile' in the 'Banking' menu. This box will pop up. In my examples I will be starting from July. Because of that there is no beginning balance shown. Once you have started doing reconciliations you will see the previous balance in the beginning balance field. Choose the date of the statement. It should ideally be the first of the month. You will want to leave the account field on Checking Combined. Enter the ending balance from your bank statement in the ending balance field. Click on 'Continue'. This window will open up.
Look at your bank statement and click next to each check that has been returned. Double check to be sure the listed amounts are correct. Do the same for deposits. If everything is correct the figures at the bottom of the screen should look like this. If there is a difference, go back over your figures and bank statement and see if you can find the mistake.
This is the detailed report: You may also see this popup: Click 'OK' to dismiss it. Click 'Print' in the menu at the top of the report to print it. If you need to look at a previous reconciliation report you can get to it by clicking 'Reports' in the top menu of whatever Quickbooks page you are on.
Scroll down to 'Banking'. Click on the arrow to get this menu: Click on 'Previous Reconciliation'. If you look at the check register after a reconciliation has been done you will see those checks have check marks by them. The check screens for those checks will look like this:
Once I do that the reconciliation will come out correctly.
Forms:
Here is an overview of the forms you will be using. All forms are under the 'Reports' menu. Click on 'Reports' in the menu bar. The majority of reports you will use can be found under 'Company & Financial'. These are the most commonly used ones: Here is the Balance Sheet by Class. You also will be printing profit and loss reports.
These are your options. The reports you will be using most are Profit & Loss Detail and Profit & Loss by class. Here is what these look like: The Detailed report. This is one of the reports you will need to post each month.
When you close a report you will see this: Click 'Yes'. This box will appear: Use the name given or give the report a different one. Click 'OK'.
Backups:
The last part of this tutorial is about backups. The lower right part of the main window shows when the last backup was done. In this example I have not done a backup yet. To do one, click on 'Back up now'.
This box will come up: Click 'Local backup' since we are not using the online services. Click 'Next'. You now need to choose where to back up the files. A flash drive or external hard drive is necessary to do a backup.
A window like this will come up. Click 'Save'. The backup will start. It usually only takes a couple minutes. These are several of the boxes you will see. When the backup is finished you will see this: Click on 'No, Thanks'.
