Are you looking for an accounting software that will help you spend less time when reconciling your cash account balance with your bank statement balance? here is a review of QuickBooks Bank Reconciliation Processes:
1. Click Banking > Select Reconcile
2. Select a bank account to reconcile and enter the ending balance on your bank statement.
3. Service Charge: Sum up all the service charges on your bank statement (COT, SMS, Cheque Book and other charges) and map it to ‘Service Charge Account‘ under chart of account.
4. Interest Income: Sum up all the interest income received and map it to ‘Interest Income Account‘
5. Click continue
On the next page, you will see a summary of your ‘Bank payment and Deposit transactions.
6. On the deposit window, locate transactions like ‘Credit Transfers or any other deposit that has been recorded in your bank statement but not yet reflected and record in your QuickBooks using receive payment and deposit features.
7. On your payment window, located all payments like ‘standing order and outgoing bank transfers’ that have not been affected and record in your QuickBooks using Write Cheque icon.
These steps should help you reconcile your QuickBooks Bank balance with Bank Statement Balance.
If you need support on how we can set up QuickBooks for your business, CONNECT with us on 09092942048, 08175420054 or SEND us your request: info@magnetgroupng.com
