Balance

QuickBooks Quik Tip on Previous Reconciled Balances

Here you thought you had reconciled the previous month’s bank statement and lo and behold, you look at the opening balance for the new month and it’s different. Talk about something that makes you scratch your head! So how the heck did this change? I grabbed the printed previous month’s reconciled report and it had the correct cleared balance, so what happened and where do I...

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QuickBooks Banking – Reconciling Chequing Accounts

Reconciling bank accounts is a procedure that must be done for all companies in a timely manner. By timely, I don’t mean at the end of the fiscal year either – I mean every month. You owners and managers out there, hopefully realize that through the bank comes all monies in and out, so for control purposes the reconciliation is a key component in running a business. All valid...

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Setting up Bank Accounts and Opening Balances

Setting up Bank Accounts and Opening Balances

  The Opening Balances in QuickBooks relate to the Balance Sheet accounts. If you are starting somewhere in your fiscal year, say after the first quarter, then you will have to input those figures for all the accounts using a General Journal entry. I will first deal with using the account setup and opening balance features before addressing the journal entry. Bank Account – Now you may...

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