Most of the time, current bank accounts doesn’t show the available cash. You would have QUICKBOOKS HELP to act accordingly when you have outstanding checks. Once you are in a better position to maintain separate accounts, it’s important to go through a monthly bank reconciliation. This QuickBooks help would give you a better idea of the cash flow and the company’s financial position. So, in order to simplify the process, here are some steps you need to follow. In case you are facing any issues, then you should contact the ‘QuickBooks help’ team right away.
Compare Closing Balances
It’s always a good idea to compare the balance and the bank statement and adjust the balance accordingly. Many accounting software has a reconciliation module which helps you with the reconciliation process. If you don’t have a module, then you must print the details of the transactions, compare them and export the information to a spreadsheet. This QuickBooks help would aid you to use advanced functions and represent the data in a much better way.
Always Add Bank-on Transactions
A situation may arise when the accounts don’t reflect monthly debits and credits. So, you need to add transactions like a monthly interest payment, and deduct negative transactions like bounced check fees, and bank charges. It’s quite easy to identify such transactions. While these are quite a few, they are visible at the bottom of the bank statement.
Add Book-on Transactions
Your bank statement won’t reflect the checks for which you have still not received the payment. So, you should add transactions like deposits in transit and deduct the outstanding checks. It is at that point in time, the accounting software comes into the picture. Just in case you can take the advantage of a reconciliation module, then you should tick the transactions all by yourself.
Compare Adjusted Bank Balance
Always make sure that you have compared the balances. The job is done only when the figure is the same in both the accounts. If the amount doesn’t match, then it could be due to a transposition error, incorrect cash balance or a journal entry. While a transposition error can be identified when the reconciliation difference is divisible by 9, incorrect cash balance may arise if you haven’t carried out the reconciliation process properly. On the other hand, the balance may get affected due to a wrong journal entry against debited and credited cash. A difference is the balance can also occur when you have forgotten to record a transaction. So, before you take any steps, you should go through the bank statement and the items of the books. Give us a buzz on the QuickBooks Technical Support Number, 1-800-290-0629 in case you have problems while accounts are reconciled.
Finally, there’s always a likelihood when an account may not reconcile. It doesn’t really matter if the difference is small. But, for tracking the reconciliation error, you should use the reconciliation module and find out what you have missed out. You should go through the QuickBooks help statement carefully so that you can reconcile accounts with ease.