QuickBooks Bank Reconciliation First Month Book Balance Adjustment

First time reconciling your QuickBooks records? Never input a beginning bank balance? Been using the account for years? This is the most common issue and challenge with the very first month’s bank reconciliation. You did not know what the book balance was when you started reconciling. You knew the bank statement balance at the start and finish of the month, but if you never input a starting balance in your bank account, then you will not have your cleared balance equal to the bank statement balance. You must adjust your QuickBooks records to input what the beginning book balance was for the first month you are reconciling. This is called a beginning balance adjustment. You may well ask: “why do we do a beginning balance adjustment?” It’s because when we finish our first month’s bank rec, the difference is caused by never entering a beginning book balance in the first place. That’s why the cleared balance does not match the statement balance. The difference should be, if there is not mistakes in our QuickBooks records or on the bank statement, the difference should be the amount that was the book balance on at the start of the first month that you are reconciling. The reconciliation window gives you the ability to input the beginning bank balance at the moment we reconcile by entering the beginning balance adjustment to make the book balance equal the bank balance when the bank reconciliation is finished. Some times we don’t really know what the beginning book balance was until all the prior outstanding checks finish clearing. So, if an old check that has been outstanding for more than 1 month later clears a future bank statement, then we may need to re-adjust the beginning balance a second or third time until all past checks have cleared.

Here’s the Full QBO Bank rec playlist 👇

https://www.youtube.com/watch?v=rVPMYw84UaE&list=PLqRhgBZfJuE7Kmc1AOq3fw3aYuZItztuV
Here’s the Full QBO Bank rec playlist 👇

https://www.youtube.com/watch?v=rVPMYw84UaE&list=PLqRhgBZfJuE7Kmc1AOq3fw3aYuZItztuV
You will find all your bank reconciliation answers and solutions in this full QuickBooks Bank Reconciliation playlist, right here in YouTube regarding how to do bank reconciliation in QuickBooks desktop? What is bank reconciliation? Each video in this full playlist will teach you another bank reconciliation feature. You can use the bank reconciliation clean up tools to clean up your QuickBooks file by fixing mistakes and finding errors in your bank statement. In this bank reconciliation process, you will use the bank statements to compare to your QuickBooks bank transactions. So, if you have a missing transaction or an extra transaction, even a duplicate transaction, it will be unconcealed when doing the bank rec. You will see any errors on the bank statement that would be there. This course will even show you how to reconcile previous months in QuickBooks. You also find, as part of the process, your QuickBooks mistakes and be able to prove that all for your QuickBooks bank transactions, and the whole QuickBooks file are correct to the last detail. These reconciliation procedures are more than just reconciliation tips and tricks. They are proven QuickBooks advanced techniques for finding and fixing any possible mistake This is a very valuable QuickBooks skill that you could gain from. You could help everyone you know with bank reconciliation and getting accurate numbers if you watch every video and follow step-by-step. It will give you real-life, hands on practice with actual bank reconciliation problems and solutions for anything that could come up when doing any company’s bank reconciliation in QuickBooks online. Every “on the job” challenge is addressed by demonstrating all bank reconciliation features and how they are used in QuickBooks online. The very last part of this playlist has videos that show how to prove that absolutely any type of company’s financial records and business transactions are correct to the last detail. These accounting concepts and auditing principals will hold true for any accounting software the business would use. There’s even a video about special issue with first-month bank reconciliation challenges and problems.

Please try to do the whole playlist. You will see and experience every possible situation that could come up to challenge you each time you do your monthly
bank reconciliation.
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