Hello, in this lecture, we’ll discuss a bank reconciliation. At the end of this, we will be able to describe what a bank reconciliation is perform a bank reconciliation, make a needed adjustments to our books in the reconciliation process, as well as record those adjustments. So this is going to start off the bank reconciliation process. We’ll start off with, of course, the bank statement. So the bank statement is going to come from the bank, generally, it happens at the end of the month, although we could get it electronically at any timeframe. But typically, it’s still good to get it as of the end of the month so that we can have a set timeframe as to when we’re going to reconcile our account and deal with the timing differences at that time. So this bank statement coming from the bank is going to be as of the end of February in this case, and we’ll have a typical information on a bank statement, which will be that we will have the beginning balance, and then we’re going to have the additions to it generally our deposits and then we’re going to have the corrections to it.
Posts with the check tag
Bank Reconciliation First Month Part 2 9.11
In this presentation, we’re going to continue on with our bank reconciliation for the first month, part two, we’re going to be focusing in on the decreases this time last time we focused in on the deposits. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Also note that I still have the balance sheet open over here. So if you want to open the balance sheet, I won’t go through it, but you can open the report to the balance sheet, and then and then duplicate the tab as we’ve done in the past. And here is our balance sheet.
Bank Reconciliation First Month Part 1 Deposits 9.10
This presentation we’re going to start our bank reconciliation for the first month of operations entering the deposits or reconciling the deposits for month one for January. Let’s get into it with Intuit QuickBooks Online. Now. Here we are in our get great guitars file. Let’s start off by opening up our report. So I’m going to go to the report down below, we’re going to be taking a look at the balance sheet report because we will be focusing in of course on cash. So I’m going to go up top and change the date. So we’re just going to look at the first month so Oh, 10120 to 12. I’m sorry, oh 131 to zero, so January 1 to January 31 2020. Let’s go ahead and run that report. Then I’m going to go up top to the tab up top, right click on it, duplicate that tab.
Bills Track & Pay 8.50
In this presentation, we will track and pay bills. In other words, we’ve enter bills and prior presentations, we’re not going to use the pay bills feature in order to pay them. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re first going to take a look at our flowchart in the desktop version just to get an idea of of our objective. In prior presentations, we have entered bills, we entered bills for inventory that we purchased, which was a little bit different than what we did in the first month of operations.
Sales Receipts & Deposit 8.25
This presentation and we’re going to record a sales receipt and deposit. In other words, we’re going to imagine there’s a sale that takes place, we’re going to make that sale, record that sale with the sales receipt and then go to the bank with that deposit, deposit that into the bank and record that deposit as well into our system. Let’s get into it with Intuit QuickBooks Online.
Pay Bills 7.60
This presentation and we’re going to take a look at the pay bills form. In other words, we’ve entered bills in the past, and now we’re going to be paying them using the paid bills feature. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Before we go any further, let’s first take a look at our flow chart that’s going to be in the desktop version. So we’re going into desktop version just to take a look at the flow chart.