Reconciliation is how you confirm that your QuickBooks Online checking accounts, savings accounts, credit cards, and loan balances are correct. If you don’t reconcile correctly every month, your reports will be wrong!
Even if you use the QuickBooks Online banking feed, it’s not a guarantee that your bank balances are correct. And when you have extra or missing transactions, your Profit & Loss and Balance Sheet are wrong!
Reconciliation is the monthly step to confirm your checkbook balance, credit cards, liabilities, and loans have been entered correctly. The problem is that most businesses reconcile the transactions that ARE on the statement, but ignore the ones that are not.
That’s not Reconciling, that’s “reconciling,” and the result is that you may be paying your taxes wrong!
In this class, not only will Alicia show you how to reconcile properly, but she’ll show you how to trick out the interface to finish in seconds instead of hours.
Even better, learn how to identify errors in your accounting data by how they appear in your Reconciliation window. Use reconciling as a troubleshooting tool for duplicated entries, misclassified categories, transactions coded to the wrong funding source, and receipt captures that didn’t match the banking feed.
Take this class and save yourself hours of struggle...and make your reports a thing of beauty.
What You’ll Learn
- How to connect your bank accounts to your QuickBooks®
- How to import new transactions as they clear the bank
- How to import previous transaction history
- How to classify transactions through the Bank Feed to save time on manual data entry
- Which transactions you should NOT import automatically
- Workarounds for bank feed issues
- Why you should reconcile even if you’re importing
- How to reconcile your bank account transactions with your monthly bank statement
- Tips and tricks wile reconciling that will save time and frustration
After completing this course, you will be able to:
- Reconcile your bank accounts and credit cards accurately
- Troubleshoot stray transactions and know how to remove them
- Have confidence in your bank balances
What people are saying about this 'Reconciling in QBO' course:
See what people have to say about this course. See all the reviews by clicking the 'Reviews' tab near the top of this page.
1 CPE, Certificate of Completion
Field of Study
Who should take this class?
Watch it again later
You'll have lifetime access to the on-demand course including all handouts and class material. You'll also be able to ask questions in the Q&A forum and get answers, even years later. You can pause, rewind, speed up, and watch again and again as you apply what you learn to each situation as it crops up.
Other learners purchased these courses after completing this class:
Explore new topics & join the hundreds of other business owners & accounting professionals who have enrolled in these courses after completing Reconciling In QuickBooks Online!
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Refunds & Cancellations
Please view our Terms of Service, for information on refunds, cancellations, and complaint resolution. To request a refund, please contact us.
Royalwise is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Course Credits: 1 CPE, Certificate of Completion. Must be awarded within one year of enrollment.
Course Updated: December 2021
Course Page Updated: February 2023
Here is the course outline:
Download the Handout
Download the handout that goes with the course.
Start by learning why Reconciling is essential to every business's monthly workflow.
How to Reconcile
The basics of how to do a Reconciliation. It's more than just checking off the transactions that ARE on the statement, you need to managae the transactions NOT on the statement!
What to Do When the Difference Doesn't Equal $0
If the Reconciliation isn't quick and easy, here are the troubleshooting steps to locate and fix your discrepancies.
What to Do When the Beginning Balance is Wrong
If you get an alert that your Starting Balance is off, here's what to look for.
How to Complete Reconciliations
Finishing your Reconciliation, running reports, undoing past recs, and bonus content about managing corporate credit cards.
Take the Quiz
Take this quiz to demonstrate your mastery of the material. Pass the quiz with an 80% or higher to complete the Course, earn your Certificate, and win points!
The following certificates are awarded when the course is completed:
|Royalwise CPE Certificate|