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Reconciling in QBO


Course
Quantity
For someone else
Alicia Katz Pollock
Quantity
For someone else
Purchase for $37 or enter access code

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!

 

Course Description 

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.

 

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 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

Instructional Level

Intermediate

Course Length

1 hour

Course Credits

1 CPE, Certificate of Completion

Field of Study

Accounting/Bookkeeping

Delivery Method

QAS/Self Study/Blended

Who should take this class?

  • Business owners and employees who maintain their company’s financial records
  • Bookkeepers and Accountants who wish to brush up on their skills.

Other learners purchased these courses after completing this class:  

   

 

 

Why pay full price? Sign up for a Royalwise OWLS Membership
and get this course and more for one low monthly price.
Silver membership pays for itself in just two courses per month!

For more information regarding concerns, refunds, and program cancellation policies, visit our Terms and Conditions

 

 

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 Updated: December 2021

Here is the course outline:

Download the Handout

Download the handout that goes with the course.

1 section
pageText Download the handout here

Understanding Reconciliations

Start by learning why Reconciling is essential to every business's monthly workflow.

4 sections
pageText Intro
Biz View vs Accountant View
pageText What is Reconciling?
pageText How Do Transactions Get Into QBO?

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!

3 sections
pageText How to Reconcile Bank Accounts
pageText Why Do I Have Unmarked Transactions?
pageText How to Fix Duplicated Transactions

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.

5 sections
pageText Steps 1 & 2: Identifying the Problem
pageText Step 3: Marking Existing Transactions
pageText Step 4: Finding Missing Transactions
pageText Step 5: Transactions with the Wrong Dates
pageText Step 6: Fixing Payroll Checks Drawn From the Wrong Account

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.

2 sections
pageText How to Do Your First Reconciliation
pageText Starting Balance Alerts

How to Complete Reconciliations

Finishing your Reconciliation, running reports, undoing past recs, and bonus content about managing corporate credit cards.

5 sections
pageText Finishing a Reconciliation
pageText Reports and History to Verify Reconciliation
pageText Undoing Previous Reconciliations
pageText How to Reconcile Corporate Credit Cards
pageText Conclusion

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!

1 section
quiz Reconciling Quiz

Completion

The following certificates are awarded when the course is completed:

Royalwise CPE Certificate
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