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Recommended Prerequisites:
QuickBooks Sales and Customers - Level 1
or equivalent knowledge
Version:
QuickBooks Pro 2009 (Canadian Version)
Course length:
90 minutes
Cost:
$59.95 + GST
Materials:
Each course includes a step-by-step guide of the subjects taught to help students successfully implement what they learned.
Bank Reconcilation in QuickBooks
Sifting through the many transactions in your bank account to find discrepancies between QuickBooks and the account statement your bank provides can be a long process. This course shows you how to use QuickBooks functions to streamline and facilitate bank reconciliations.
Because few people understand all of the details required for a proper bank reconciliation, QuickBooks has designed functions to simplify the process. In the case of discrepancies, you can print a Reconciliation Discrepancy Report to see which changes have been made since the last reconciliation. With this report in hand you can quickly identify the errors and then take steps to correct them.
This course walks you through performing a bank reconciliation in QuickBooks using a number of real-world situations so you can learn how to handle reconciliations under just about any circumstance.
Learning Outcomes
Students who complete this course will know how to:
- Prepare for the first bank reconciliation in QuickBooks and then for every reconciliation after that
- Run the procedures for starting a Bank Reconciliation for the first time, if no bank account balance has been established in QuickBooks
- Run the procedures for starting a Bank Reconciliation for the first time, if the bank account balance has been established in QuickBooks
- Complete a monthly Bank Reconciliation after the initial reconciliation
- Use techniques to stop and restart a Bank Reconciliation
- Follow steps for reconciling individual transactions
- Find and correct discrepancies in bank reconciliations
- Follow steps to undo the last Reconciliation
- Set a Closing Date
Why You Need This Course
If you have a bank account that has a high transaction volume, reconciling can be tedious and time consuming to perform. Most people don't have the patience to find discrepancies because they are so stressed for time. If the discrepancy is not found in just a few minutes, they want to force a reconciliation which creates an adjustment in QuickBooks and usually leaves an amount in the reconciliation discrepancy account that needs to be rectified later.
Most people do not know the proper procedures or techniques to perform a bank reconciliation in QuickBooks, nor do they understand the concepts of how the reconciliation works. More times than not, they do not even reconcile their own personal chequebook, nor do they know how.
QuickBooks understands this and makes Bank Reconciliation easy. It can download transactions from the banks. If the reconciliation doesn't balance, you can print a Reconciliation Discrepancy Report that will show you what changes have been made since the last reconciliation. It actually shows you the errors so all you need to do is correct them.
This course shows you all you need to know to carry out your first bank reconciliation and future reconciliations.
Disclaimer:
Since these courses do not deal directly with specific and individual requirements, it is recommended that students obtain the necessary advice from an accountant, employer, QuickBooks® ProAdvisor® or such other appropriate expert with regards to their specific requirements or guidelines.
