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QuickBooks - How To Reconcile Accounts on a Daily Basis
Have you ever wanted to reconcile a
bank account in QuickBooks on a daily basis? It's very easy to do, if you have
the correct information. You will need a report from the financial institution
showing three things:
1. The opening balance of the account
on that day
2. All banking activity for the day
3. The closing balance for the day
With these three pieces of
information, you can reconcile any account in QB on a daily basis.
Most banks and credit card companies
offer online services. If you need to reconcile an account on a daily basis,
see if you can go online and print a report showing the above information. If
so, then you are all set to do daily reconciliations.
We're all familiar with monthly statements.
They have the same information as what I show above: an opening balance as of
the first day of the month; all activity for the month; and a closing balance
as of the last day of the month. Knowing this, it is possible to do bank recs
for other time periods: weekly, bi-weekly, or any other time period. It doesn't
even have to be a regular time period. You can reconcile for a week, then for a
day, then for three days, then for three weeks. As long as each
report/statement from the bank shows the above information, recs can be done on
whatever time basis suits you.
Not that I recommend irregular recs,
because I don't. I only point them out to show that it's not the time period
that is most important, it's the three pieces of information I show above that
are important. Irregular recs could be problematic for other reasons, so my
suggestion is that, as a rule, everybody does their recs on a regular basis.
About the Author: Jennifer A. Thieme is a Certified
QuickBooks ProAdvisor who loves to help people with QuickBooks. She brings
unique insight, clear instructions, and over ten years of experience to all of
her QuickBooks articles. Owner of Solid Rock Accounting Services, Jennifer's
clients enjoy these same benefits on a personal and regular basis. You can too
- visit http://www.jenniferthieme.com
and contact Jennifer today.
Article Source: http://EzineArticles.com/?expert=Jennifer_A._Thieme
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