"EDITED ONLINER DIALOGS"
TOPIC: QB or QuickBooks ™ & Bank Rec Issues DATE: January 14, 2000
TOPICAL OVERVIEW: The Onliner posted deposits and checks into QB, when QB was started, but did not bank reconcile each month. This dialog provides some possible solutions. Includes a method for posting a whole bunch of previous months at the same time and some uses of the Internet and Bank Rec matters. FILE: 2018-07
TO FORUM:Please direct me to some general QB installation helps; especially regarding the initial bank reconciliation procedure or steps that follow.TO Onliner:
Your stated situation is a little hazy, but let's see if both of us can relate to the following hypothetical set of facts:
> People have a QuickBooks ™ (QB) system in place;
> They started with good year end closing numbers of the previous year end;.
> This included the Bank Reconciliation (BREC) at the end of the preceding fiscal year end.
> They posted checks and deposits for the new year for some eight months (it could be any number of months, of course);
> BUT they have NOT Bank reconciled the QB dollars to the dollars appearing on the respective Bank Statements.
1> Sounds about like what happened. What now?
2> Also when our CPA prepared our year financials, he did not take the info from QB ... he was provided with paper documents only. Would it be desirable to reconstruct the previous year?
A probable "If it were Me" solution includes:
> Check off the previous fiscal year's outstanding checks/deposits in transit .... or be sure that such numbers "carried forward before the initial use of QB" were clean.
> After that, simply be sure that the running QB Bank Balance at the end of month equals the applicable month end Bank Statement balance. See 0687-02 for more details. Check each item off within QB's Bank Rec system and mirror the Bank Statement activity, or content, to the transactions within the QB Bank Account. During these interim months be sure that the Month End QB running Bank balance and Month End Bank Statement Balance are the same. If something legitimate shows up on said Bank Statements that you did not previously know about and record, then post as a Bank Charge or Credit of that month and proceed through last month's activity.
> Then post the current month's activity including what you know has not cleared the bank.
> When the next Bank Statement comes, you should have the info to appropriately BREC for the current month end and in the future.
We also recommend the above process when a Onliner has to input into QB for a whole bunch of back months at the same time. Identify the deposits and checks (provide Chart of Accts info in advance) on the Bank Statement itself so you can input to QB directly therefrom.
Along these lines, you might also find of interest the overall "After the Fact - ATF" processes using the Internet for weekly Bank Statement and/or Plastic Statement info processing as set forth within the links below:
Sorry --- do not have enough info to respond to your second question.
As most of you know, we here at www.bcidot.org dialog by email with Onliners regarding Ministry Finance (MinFin) matters. Above are what we call "Edited Onliner Dialogs", or edited version of actual dialogs with some of you, but we have honored your privacy and not used your name or that of your Ministry. Our purpose is to make topical MinFin information available to any interested Ministry Finance Team so you can learn from one another.. Let us know if you would like to dialog on a Peer to Peer basis with the other Onliner involved and we will try to put you together. Thanx - Jim Bramer - Proverbs 9:10
HOME | ABOUT US | OUR PURPOSE | SITEMAP | COMPUTER FUND ACCTG | HELPS