I am in need of training in desktop quickbooks to reconcile monthly. I have done all the entries up to that point and had a QB person finish the monthly reconciling. Is there a step by step process and ability to consult with someone on this?
This is an odd question but for a charitable organization would you recommend cheques? Reason I ask is the previous Secretary/Treasurer started paying everything either on line or by EMT transfers. When I check back I have to look for an invoice for that amount. No invoice number or anything recorded. I know doing things electronically is the way everyone is moving I just feel uncomfortable with not being able to see an invoice/cheque number on payments. I started today so don't have to worry for a couple of weeks. Just wondering if I should switch back to cheques or continue on this way and enter more info into QB. Each EMT transfer also costs $2.00 so the cost at end of month does add up.
I think using checks would make the documentation process a little easier. Although you can still document trAnsactions when paid electronically, it’s just a little more work to make sure you have everything
If a transaction on the bank statement is a check image fee, do I need to record that as a journal entry? Because on the reconciliation page, you have to enter service charges if there is one.
@@QbuniversityOrg i don’t need payroll. I do the books for someone and now He start contributing to a 401K Plan. Can I set it up as an Equity account just to keep track of it? Can I do the same for Life Insurance? Thanks!!
@@Currambero100 so this is someone else’s payroll? Depends on how they are set up. If they are an LLC and get Guaranteed Payments then you record as a guaranteed payment expense. If they are a sole proprietor then yes equity is fine. If an s Corp then it would need to be run through and withheld from their payroll.
Feel free to leave a comment or question here!
Perfect, thanks for help
You’re welcome!
I was not able to locate the video you reference around 3:30. Can someone please link me it? Thank you.
To continue the reconciliation process of your checkbook… would you manually add/subtract everything that hasn’t cleared? To get your exact balance…
No, when you’re done you can view the recon report and it shows you all the uncleared and how that ties into the register balance
I am in need of training in desktop quickbooks to reconcile monthly. I have done all the entries up to that point and had a QB person finish the monthly reconciling. Is there a step by step process and ability to consult with someone on this?
Well you can become a member at qbuniversity.org and I answer all personal Qb questions via a private member only Facebook group
This is an odd question but for a charitable organization would you recommend cheques? Reason I ask is the previous Secretary/Treasurer started paying everything either on line or by EMT transfers. When I check back I have to look for an invoice for that amount. No invoice number or anything recorded. I know doing things electronically is the way everyone is moving I just feel uncomfortable with not being able to see an invoice/cheque number on payments. I started today so don't have to worry for a couple of weeks. Just wondering if I should switch back to cheques or continue on this way and enter more info into QB. Each EMT transfer also costs $2.00 so the cost at end of month does add up.
I think using checks would make the documentation process a little easier. Although you can still document trAnsactions when paid electronically, it’s just a little more work to make sure you have everything
Where do I locate the reconciliation detail report?
Under Reports and Banking
@@QbuniversityOrg thx!
@@meypuim2951 welcome!
If a transaction on the bank statement is a check image fee, do I need to record that as a journal entry? Because on the reconciliation page, you have to enter service charges if there is one.
I would enter that as a service charge on the initial reconciliation screen
@@QbuniversityOrg ok, thank you! I will delete that journal entry for the check image fee
Hi, How do I record in QuickBooks a 401K Contribution from owner? I do not have Payroll, Do I need to turn on Payroll? Thanks
Do you have payroll done outside of QB?
No
@@QbuniversityOrg i don’t need payroll. I do the books for someone and now He start contributing to a 401K Plan. Can I set it up as an Equity account just to keep track of it? Can I do the same for Life Insurance? Thanks!!
@@Currambero100 so this is someone else’s payroll? Depends on how they are set up. If they are an LLC and get Guaranteed Payments then you record as a guaranteed payment expense. If they are a sole proprietor then yes equity is fine. If an s Corp then it would need to be run through and withheld from their payroll.
@@QbuniversityOrg thank you so much!!! 👍👍