Frank R. Knight, C.P.A.

 

Bank Account Reconciliation

1. Go to Reconcile on the Company Navigator. This brings you to the Begin Reconciliation screen
2. Verify that the correct bank account is showing and that the Beginning (bank) Balance as shown in QB agrees with the bank statement. If it does not, STOP and call me! Enter the statement date and the ending balance from the current bank statement
3. Enter any (bank) Service Charges or Interest Earned (income) in the lower portion of the screen indicating the appropriate expense and/or income accounts. Hit Continue
4. Make the following screen full page.
5. Check off the deposits on the bank statement with the deposits in QB on the right side of this screen. The total deposits (plus any interest) as shown on the bank statement should agree with “Deposits and Other” total as shown in the lower left corner of the screen.
6. Once the deposits are balanced, check off all bank or vendor debits in the upper portion of your bank statement with the entries shown in QB on the left side of the screen.
7. Then proceed to check off the cleared checks shown in the lower portion of your bank statement with the checks entered in QB.
8. Assuming all your entries have been correctly entered and checked off, the difference shown in the lower right side of the screen should be “0.00”
9. Hit “Reconcile Now” and PRINT a Detail Reconciliation Report. Staple the reconciliation to the front of the bank statement for filing to clearly indicate that the statement has been reconciled.