The SVCCHRG payment and the bank reconciliation are closely linked. If you undo the bank reconciliation, QuickBooks will remove the SVCCHRG payment.

There are two methods of creating a recurring template in QuickBooks. The first method is to set it up while recording the transaction, and another method is to create a template without first recording a transaction.

Contra means to offset. It’s common in small businesses to offset the outstanding balance between receivables and payables when the customer is also your supplier. If you use QuickBooks Online (QBO), you could use a journal method to reconcile the balances.

Bank reconciliation is a meticulous accounting process that precisely balances your company’s financial records with the transactions shown on your bank statement.

Prepayment is not an income nor expense but a current asset, a balance sheet account.

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