QuickBooks Bank Reconciliation

by Ingrid
(New York City)

Bank Reconciliation-has not been performed in two years


Hello,

I started assisting a small business with their bookkeeping records. Apparently all the entries have been recorded in Quickbooks but no bank reconciliations have ever been done since it was set up in Jan. 2009.

Can I go back and reconcile in Quickbooks, month per month? I have all the bank statements and everything else seems to be in order.

I need to supply them with a General Ledger, soon and this is the only way to get a somewhat accurate report. What do you suggest I do?

Thank you in advance.
Ingrid



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Hi Ingrid,

Yes you can go back and start doing the reconciliations. One of the great features of QuickBooks is it does not close off access to prior years when you start a new year.

After you have reconciled a period, I would go in and set the close date so entries in your reconciled period can't be changed.

Good Luck!






P.S. I would like to remind you there is a difference between information and advice. The general information provided in this post or on my site should not be construed as advice. You should not act or rely on this information without engaging professional advice specific to your situation prior to using this site content for any reason whatsoever.

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Mar 01, 2011
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Quickbooks Bank Reconciliation
by: Ingrid

Thank you for your assistance-really appreciated.

Mar 03, 2011
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Has Not Been Performed in Two Years
by: Ingrid

Another question:

If 2 separate accounts have been set up for 2 credit cards used by the partners for purchases that are tied into the company's checking account, do those two accounts need to be reflected in the reconciliation? How is that done? Please advice.



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Ingrid,

If the credit card accounts are used solely for business purchases, you need to reconcile them too.

When a payment is made to the credit cards from the company's bank account, you go to the banking menu and choose "write a cheque" charging it to the credit card accounts or use the "transfer of funds" between two accounts ... your choice.


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