QuickBooks Online First Month Bank Reconciliation
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- Опубліковано 2 чер 2024
- In This QuickBooks Online Video lesson, you will be introduced to all the steps necessary to complete the very first month’s bank reconciliation in a company that started using the bank account about the same time that QuickBooks Online account had been created and started up. You will see how to navigate the reconciliation window in QuickBooks online. You will experience each part of the first bank rec step by step. You will see how to pass the first window that asks for monthly service charge and interest if it is listed separately. You will mark each transaction as cleared and see the difference between the QuickBooks online bank account cleared balance and the bank statement ending balance become zero. Then you will have done your first successful bank reconciliation. You will then see the 2 bank reconciliation reports that QuickBooks online makes after each bank reconciliation. There are both summary and detail reports.
This QuickBooks UA-cam Playlist will make you an expert in bank reconciliation in QuickBooks online. It starts with basic bank reconciliation concepts and builds slowly to make you an expert in the bank rec process. It will give you real-life, hand 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.
Here is the set of transactions to import to a new, empty Q.B.O. Account, so that you can match the bank statement...............
marksmolen.com/BANKRECIMPORT2...
Here are all the bank statements you need to follow along step-by-step...........
marksmolen.com/Bank+Reconcili...
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Hello, my QuickBooks online friends. This video is of learning QuickBooks online will show you everything you need to know about your very first time doing bank reconciliation. It will walk you through each thing that you see and help you clear everything slowly and carefully just like you would do in your own real company or doing bank rec on a bookkeeping job.
I thank you all and hope that you will click “like” and “subscribe”
instablaster.
Great video.Very easy to understand!
Thank you. Another video I will keep on hand.
Best videos! Thank you so much
I’m so grateful for your teaching. You make learning QuickBooks Online plain and simple!
Thanks
Wow! You are amazing as teaching Quickbooks. Every time I have a problem I always find a solution watching your videos. Thank you so much!!
While I really appreciate the kind words and I'm very very glad that the channel is helping. If you click in the top right corner of this video you will get the rest of the videos in this very same playlist and if you watch them in. Proper order you will be an absolute expert in bank reconciliation and everything else in quick books online.. I hope you will click like after watching each one help. Support the free channel for everyone in police subscribe and stay in touch
Mark
Such a great video!! Explanation in detail make it easy to grasp and not get confused!! Thank you!!
You're so welcome!
I hope you will click "like" and subscribe
-Mark
This is the best video I have seen on doing bank reconciliations. Big thanks for taking the time to post it!
Glad it was helpful!
If you click in the top right corner of the video you will get the link to the whole playlist that you can watch in proper order to really get the full benefit of everything regarding bankreconciliation improving correctness
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe and stay in touch!
Mark
in love with the way u teach, clear and straight forward.
Thank you and I have a video for everything else and quick book just ask
Mark
You are an amazing tutor. Moreover you're teaching us for free. I thank you from the deepest of my heart.❤️
Thank you so much I really appreciate it.
It makes it worth it when people are nice and I hope. You will click like after watching each one to help support the free channel for. Everyone and please subscribe
Mark
Hi ! You have really an amazing way of teaching & explaining everything. It is helping me a lot to learn QBO. Thanks a tonnes
Thank you for the compliment that I am very glad to help nice people
Check out the channel page for any other parts of quickbooks that you're interested in and please click like after watching each one to help support the free channel for everybody
Mark
I just discovered your videos two days ago. I am so grateful for these. Your explanations are thorough as easy to understand. Looking forward to watching more as I navigate through.
You are so welcome!
Don't be shy to ask if there's any specific topic you need.
I hope you will click "like" after watching each one to support teh free channel for everyone and please subscribe.
-Mark
This is what I needed. Thanks for the video 😊
You’re welcome 😊
If you click in the top right corner of the video, you'll get the link to the full playlist and if you watch it in proper order, you will really be an expert and have everything you need
Mark
Thanks for your important video on quickbooks bank reconciliation and thanks for your clear voice tone and good speaking style it's really great.
Thanks so much, I hope you will help me support the free channel and free help for everyone by clicking like after watching each one and subscribing and encouraging others to do so and I thank you again and I hope you enjoy This and any other video you might need
Mark
Hi, I really like the way you explain every topic in QuickBooks. It's very easy to understand it. Thank you for your hard work.
Thank you for the compliment and I'm very glad it helped you I appreciate those who appreciate it
You can get every possible thing you need in quickbooks by looking on the main channel page or just ask and I'll send you the link to any topic you need
I hope you will click like after watching each one and subscribe
Mark
I am new to quickbooks, very helpful, thanks so much
Happy to help!
make sure that you see the WHOLE PLAYLIST by clicking in the top right of the video or looking in the description field under the first paragraph.
-Mark
Thank you for this quickbook
I'm glad to help I hope you click like and subscribe
Great expalantion...and easy to follow
Glad it was helpful!
I suggest you click in the top right corner of the video so you can get the link to the full playlist. If you watch the full playlist in proper order you will be an absolute expert in bank reconciliation and always be able to prove your records correct
Please let me know that you found the link because I'm sure if you loved this video you will absolutely love the rest of the playlist
Mark
I'm telling ya, this dude is ma dude, all the way.
Thanks man I appreciate it so much
Just keep clicking like after each one you watch and spread the word around And I'm here if you need me.
Mark.
Excellent material..... you explain the subject very well. Thank you so much.
You're very welcome!
You should click on the top right corner of this video to get the link to the full bank reconciliation playlist.if you watch It in proper. Order everything will be even more clear And you are guaranteed to get everything you need..
I hope you will click like after watching each one and please subscribe and thank you again for the kind words.
Mark
Hi, I'm writing from Canada. Thanks you for this videos. I have been looking for help about reconciliation (my first one) until I saw yours until the end, and realized you are an amazing instructor and highly knowledgeable QB expert . You take the time to explain all details in a calm way. I subscribed to your channel and feel more confident about offering my services, knowing where to go for answers and help. Thanks again. !!!!
Thank you so much for the kind words and I'm very glad the videos are helping you
I thank you for subscribing and don't forget to click like after watching each one to help support the free channel for everyone and I'm here if you have any questions
Mark
Thanks for your important video and thanks for your clear voice tone and speaking style really great that's why easily can understand.
Thank you so much for the compliment and I'm very glad to help you and anything else you might need in quickbooks can be found on the main channel page or just by asking me for the topic.
I hope you will remember to click like after watching each one and subscribe.
Mark
You explained very Well Lots of Thanks .
You are most welcome
Click in the top-right corner of the vidoe to get the link to the full playlist
Watch them all in proper order and you will be a top expert.
Stay in touch!!
-Mark
Really helpful~
Happy to help, I hope you will "like" and subscribe.
-Mark
THE BEST TUTORIAL QBO I LEARNED SO MUCH , I WILL DO MY SELF STUDY ..THANK YOU SIR
You are welcome
I hope you will click like to help support the free channel for everyone and please subscribe.
Mark
🎉thanks a lot
Always welcome
And you should click. In the top right corner of the video to get the link to the full bank reconciliation playlist. If you watch it in proper order you will love it and it won't take too long. And you will be an expert at every aspect of this you will see.
Mark
Thank you so much! I’m happy to help. I hope you will click “like” after the ones you watch and I hope you will subscribe.
-Mark
Thanks sir🙏❤️
Most welcome
Don't forget to click on the top right corner of this video to get the link to the full bank reconciliation playlist so you can watch It. In proper order and get the benefit of the full course.
I hope you will cook like after watching each one to support the free channel for everyone in place subscribe
Mark
Hi Mark! This is really great! I already liked and subscribed to your channel. Do you have the file that you use for this video? I wish to import that file so I can practice it while following your step by step tutorial. Looking forward to your reply. Thanks!
I do not have follow along files because this is quick books online and not quick books desktop
I do have files that could restore the account to a certain point in the video but they're not available for download it's best To start the courses from the beginning and follow step-by-step with a free 30 day trial account if you can use a different email and you're in the United States
Thank you for being devoted to the video and the channel and I hope you will click like on each video that you finish watching and subscribe
Mark
I came here after doing the final project on another playlist and it only has 3 months worth of transactions. may i ask where's the video for the months 4 & 5? Very grateful for this videos. really learned a lot.
Thank you so much and I have a good answer for you
If you click at the top right quarter of this video you will get the link to the full playlist that this video is a part of.if you. Watched I've been proper order and follow step by step,. You will have everything you he that you will be an absolute expert in bank reconciliation and finding and fixing mistakes and quick books online.
Please confirm you found the link that I do. Thank you for the compliment and I hope you will click like after watching each one in proper order.that will support the free channel for every please stay. In touch.
Mark
i clicked the top right corner but it showed the playlist on bank reconciliation. what i'm looking for is the videos for transactions for months of april and may. i did the all the task on the playlist titled 'Learn Quickbooks and Master Quickbooks Online' including the final practice project but that playlist only have transactions for january to march. thanks for the quick reply and the patience. i'll make sure to like and subscribe to your videos.@@worldwidequickbooks
Greetings. in the video u had mentioned about getting data in excel format and link given in the description to download. But I dont find any. Can u suggest on it?
Thank you it's on the town Louis page at Mark smolen. Com
You can send an email to worldwide QuickBooks at gmail.com and I will give you the direct link if you tell me which Excel file you are referring to
Mark
So I can create a brand new QBO "practice account" from within my QB online accountant page? or is there a different preferred method for creating a brand new blank QBO account?
You can google how to sign up for free but you must have the accountant's edition or the plus version.
-Mark
Thanks for good job done. Have you any video on QBO payroll if possible please provide that's why we can get help. Thanks and best regards
Not yet
Payroll is a separatly paid for subscription and most of my clients outsource payroll without using intuit or quickbooks.
At some point, when the changes stop happening continuosly, I will make training videos for payroll.
-Mark
HELLO, THANK YOU SO MUCH FOR YOUR EXCELLTE TEACHING ! I'm a new bookeeping . Before reconcile , should I download the statement to EXL?
yes, it's good to have the statement before reconciling
@@worldwidequickbooks THANK YOU FOR YOUR HELP.
May I ask : How to transfor all the information from old account to a new accout ?
@@killmeh761 There are several ways. The easiest is not so easy.
The easiest is to first: back up everything in to a quickbooks desktop file. Then Back up everything from the new file to the new QBO account.
You can see how to do that at thhe end of this playlist and this playlist will give you other options as well:
ua-cam.com/video/3ocpiJb63ws/v-deo.html
I hope you will click “like” after the ones you watch and I hope you will subscribe.
-Mark
@@killmeh761 My pleasure
what you say if l need to get total of quantity in an invoice.
Sir take my greetings.
I want to thank you for your free teaching, you have helped me a lot.
But sir I am not getting the way to start this project.
Should I start the project importing the set of transactions given in the description's file in the " BANKING PANEL " of QBO and then categorize all off them and then start reconciliation?
Or there are other panels to import them except BANKING PANEL?
Thank you and if you want to follow along step-by-step and match everything in your account and have it be the same. As what's in the video Comma then you will have to set up a brand new blank free quick books online account and then import the transactions or record them one by one by yourself
Please confirm that there's a link in the description field for you to download. The transactions that need to be in your quick books. Online account to be able to match everything that you see in the video.
Mark
@@worldwidequickbooks Sir I got the file.
So I need to go in my banking panel and import the transactions and then categorize them.
Because without doing the categorization from the banking window the transactions are not seen in reconciliation window.
Am I right Sir?
I really appreciate these videos. I have recently taken on the task of helping my wife with her small business quickbooks as she recently lost her accountant due to illness. The major task at hand is sorting out the database for all of last year (2022). In our version of QB reconcile, I have an additional column that shows a header "Cleared Date". Your example in your video does not contain this. Most of the dates in this field are filled and match the date the bank cleared on our statements. However, many of them are blank including many of which I assumed would have been reconciled. How is this date field populated? Is it via the reconciliation? Or can it be manually updated?
Thank you Tim,
Why do you need this foield? What are you trying to polulate it with?
-Mark
@@worldwidequickbooks The two dates shown are the date checks and expense are written and the date it is cleared or similar with other data items like deposits. I think it is good reference info. My wife's accountant changed over to quickbooks online mid last year as she knew she had to retire. In the process of doing so, many errors were created in the process of uploading from the old QB data and downloading data from the bank. These dates have been helpful for me in sorting out which info is correct. Nobody at QB, my wife nor her accountant can explain the errors which range from the re-numbering of checks, expenses and duplicated and missing expenses. I am curious how the "cleared" field is populated. Is this an artifact from QB desktop?
@thequickbooksdude PS-I thought having the date would make it clear which is correct. It most cases, the cleared date is correct while the other date can be incorrect. I find I can change the one date, but not the cleared date.
@@worldwidequickbooks I found your lesson on matching. That enters the data into that field.
Hello. I switched from Sage to QBO and did no work with QBO for sometime. When I did start, for some reason (I can't remember why) I posted some expense and payroll cheques as JE instead of Expense and payroll cheques.
In doing my first bank reconciliation my Difference was not $0.00 but is the total of the JEs and Payroll that I posted. When I uncheck those entries, I get a $0.00 difference. I contacted QBO Support and after explaining wat I did, I was told to just exclude those entries from the Bank Reconciliation. Is that the correct way of doing it? Thank you.
I'm not sure what's going on, but if you can't simply match exactly what's on the statement to exactly what's in your quickbooks, Then you might have a Tech Support issue that might not be fixable.
I would suggest that you click on the top right of this video and watch the entire playlist in proper order. If you do that, you will understand the videos that come at the end that finally explain how to make sure you handle 1st month's issues that come up like the type of issue that you mention when you're starting a new quick book online account but the bank account had been used Continuously far into the past
You will see that when you get to the videos at the end you will understand what to do
If not, then you can ask me and confirm you found the link to the full playlist.
I hope you will click like after watching each one to support the free help and I know the videos will help you when I hope you will subscribe
Mark
Sir, thanks for great job done step by step process. Have you any video on QBO payroll update 2023 if possible please provide that's why we can get help. Thanks and best regards
Not yet
I do not have payroll videos because payroll is an ad on app. Most people Outsource their payroll or they simply have independent contractors instead of employees. The QuickBooks payroll subscriptions and features change all the time and it's best if you have a payroll subscription, to get the support that you're paying for directly from QuickBooks.
Mark
I have an old version of quicken. Can I import that information into quickbooks. I have quicken already which is linked to a POS program. I need to understand how the quickbooks separates the sales tax vs tax exempts. If everything I do is in the POS and transfered to Quickbooks, the numbers should be correct to pay the sales tax amount each month using the report that Quickbooks gives. Right????
Try it and see
Hi, this is great! Btw, I can't find the link to sample bank statement you're referring to in this video :(((
Thank you Marie, here is the link to the statements...........
marksmolen.com/downloads/2020files/Online-Complex-Issues/Bank-Reconciliation:All-Statements.xlsx
Here is the link to the "set-up" set of transactions atht you can import.
marksmolen.com/downloads/2020files/Online-Complex-Issues/bankrec_import.csv
This video is only #3 in a full playlist course that you can follow step-by-step.
Here's the link to the full course.
ua-cam.com/video/S-KoQgtt_98/v-deo.html
I hope you will click "like" after each one and subscribe...
-Mark
@@worldwidequickbooks thaaaank you so much! This is a great help.
Hello Dear sir I appreciate your efforts to provide this kind of valuable training.I am not getting the point what is difference between bank feed and reconcilation can we not do bank reconciliation from bank feed? Secondly is bank feed gets transaction from bank on daily basis?If client does not give us connectivity to bank account what would be the function of bank feed then? Thank you upfront.
Thank you for asking
Those are two completely separate functions that do too completely separate things
Each one has a separate playlist here where the video is only a few minutes each but if you watch the playlist in proper order, you will understand everything
ua-cam.com/play/PLqRhgBZfJuE44eRPWZUUPILOKcuteCR_M.html
If you want the reconciliation playlist, You can click in the top right corner of this video here and it will lead you to the bank reconciliation playlist. you need to watch it in proper order because they are only a few minutes each and then you will understand bank reconciliation from this video's playlist and then watch the other playlist I gave you and everything will be clear if you watch them in proper order. And they are only a few minutes each
I hope you will click like after watching each one to help support the free channel for everyone. And please subscribe and ask me your questions in the comment section below
Mark
Please make video how to handle tax function in qbo.
Thank you here is the complete playlist
Watch "SALES TAX WITH QUICKBOOKS - Activating Sales Tax" on UA-cam
ua-cam.com/video/-vwnPMejLtY/v-deo.html
I also have a sales tax playlist for QuickBooks online and a playlist for anything you need and I hope you will click like And subscribe
Mark
Please make video how to reverse bank reconciliation when needed. Thank yoy
I have that video
It's part of this full playlist
Check the description field to find the link to the whole playlist or look in the top right corner of the video to find the whole playlist
You will see that 1 of the videos in the playlist is how to "undo" a bank reconciliation
Please confirm
Mark
Hello dear Sir, how do I edit the beginning balance for bank reconciliation. I have missed putting the beginning balance for bank reconciliation. Please help me. Thanks.
I reccomend the full playlist. The videos # 7, #8 and #9 are the ones that answer your question
ua-cam.com/video/rVPMYw84UaE/v-deo.html
I hope you will "like" and subscribe
-Mark
HI Mark i need your help when i follow your method and in the process of reconcilliation then there is no transaction showing for this account in this time period...........this statement appears in the section of reconciliation rather then transaction kindly help me how can i resolve this issue for clear balance.....I'll wait your reply
Thank you I'm very happy to help you but your words make absolutely no sense to me at all
If you reword your question in a way that makes sense, take your time, then I will be able to help you
Mark
Sir if a check balance don’t match then how we will get the real check information?am i going to ask my client to provide me?or there have a another option?
Your bank must provide a copy if youyask them.
I'm sure they will help you.
-Mark
hello, how can I convert my Quick books Bank Reconciliation Summary Report into PDF Format
Click the "cog wheel" in the top right of the report. See if there are export options in the wheel or close to the top of the report. One of the export formats is PDF. If not, then you can export to excel and convert from excel to PDF if the Excel format will not work for what you need.
I hope that helps and I hope you will click "subscribe"
Thank you for your question.
-Mark
I dont see the link to download the sample bank statement on the description.
Thank you Janett,
Please check the description field now. I just put up 2 links you can download and use.
-Mark
Sir kindly share Bank Statement in an Excel sheet for the practice of Bank Reconciliation
Sure!!
marksmolen.com/downloads/2020files/Online-Complex-Issues/Bank-Reconciliation:All-Statements.xlsx
Please stay in touch; I'm here if you have any questions.
-Mark
Is this still an active place to leave a comment for QuickBooks online bank reconciliations?
Sure!!
How can I help you?
P.S. I have a whole playlist; you may get your question answered there.
ua-cam.com/video/rVPMYw84UaE/v-deo.html
-Mark
How can I fix A Negative begining balance?, for example: -14,000.00
Makes no sense it means it's all messed up and you have to start fresh
I learn quickbooks online.Is there any one who provide his work for in freelance market for my guidance. Thanks. I will do the assigned work without pay.
I deeply appreciate you asking and I really do wish I had a bookkeeping service because I do know a lot of students who would like to use their quick books knowledge to be a free lands bookkeeper
I wish you the best of luck I keep trying
Mark
What about when the bank statement ends mid month .
Thank you Raluca,
It should not matter what specific "cut-off" dates the bank statement has. As long as each statement is about a 30 day time interval. Just input the actual dates and amounts and reconcile each transaction.
It may be more clear if you watch the whole playlist IN ORDER.
ua-cam.com/video/rVPMYw84UaE/v-deo.html
It's worthwhile to spend thew time waching them all. You will see how the "cut-off dates" fit together.
-Mark
Thank you so much for your response! I love your content! Very easy to follow!
@@ralucaandreeapetrescu6686 I'm happy to help. I hope you will remember to click "like" after watching each one and subscribe and stay in touch!
-Mark
I need bank statement file for practice
Thank you so much!!
Here is the link. Please stay in touch, I'm happy to help you
marksmolen.com/downloads/2020files/Online-Complex-Issues/Bank-Reconciliation:All-Statements.xlsx
-Mark
@@worldwidequickbooks thanks Sir always briefly explain
It time
Thank you
This is too slow better to scroll quick
Unfortunately most people agree with me that this is the perfect way to learn it at the very beginning
Well, I'm new at this. I prefer it to be slow. If Mark’s way of teaching doesn't suit your learning style, there are plenty of other UA-camrs who teach bank reconciliation.
Thank you very much, your explanation on how to do the first month bank reconciliation is very clear, easy to follow and understand. . . by the way, I want to do it myself . . . is the software, QuickBooks Online Accountant? . . . I'm from the Philippines, can I use the phone number you use in your video (QuickBooks Online Free Accountant's Edition)?
Unfortunately, the free version is not available in the Philippines and the free account in sedition is also not available in the Philippines
I am very glad that the videos are helping you and that you like them and I hope you will remember to click like after watching each one to help support the free channel for everyone
Mark
Hi.. the link to the sample excel file is broken. Do you have another link?
Thank you but please tell me what video has the broken link and what the link address is.
-Mark
@@worldwidequickbooks Its this video that has the broken link to the excel file to be used as a sample bank statement...
ua-cam.com/video/098Ul5Kq7Do/v-deo.html