Software: Intuit #QuickBooks Desktop #accounting software The ledger balance of the bank account as at the last financial year-end closing can be use as the opening balance of the bank account in QuickBooks, or derive the opening balance from the closing balance of the bank statement and record the un-presented cheque and deposit separately. Most […]

Software: MoneyWorks #accounting software Bank Reconciliation is a process of matching the transactions and balances in the ledger against the Bank Statement and ensure consistency between the two. You should use the bank reconciliation feature in the accounting software to reconcile the bank account and NOT manually reconcile the bank with your spreadsheet or manual […]

Software: Intuit QuickBooks accounting software When you reconcile the bank account, you have to ensure that the “Difference” is 0.00 before you click the “Reconcile Now” button. The problem could be due to omitted transaction or typo error such as you recorded $121.20 instead of $112.20. Find out your mistake instead of force reconciling the […]

Software: MoneyWorks accounting software The objective of Bank Reconciliation is tallying the entries in the accounting records (your ledger, be it computerized or manual bookkeeping) with the physical bank balance. However, sometimes you may discover that there is an error between the physical bank balance and your ledger. This could be due to recording the […]

Software: MoneyWorks accounting software Received your bank statement for the month of January 2012, it shows a closing balance of $100,500.00. You discovered that you had accidentally recorded a payment transaction, rental expense for the amount of $2,568.00, for the month of January into the month of February. This cheque was wrongly posted in MoneyWorks […]

I received a support email from my customer: “After I attended your QuickBooks Introductory Course, I understand the purpose of using Bank Reconciliation. I started my account in QuickBooks as at Jan 2008. While I was trying to start my Bank Reconciliation as of Jan 2008, I found that the Beginning Balance was $0.00. It […]