Reconciling in QBO

Overview

Reconciliation is how you confirm that your QuickBooks Online checking accounts, savings account, credit cards, loan balances, and liabilities 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.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this course include:

• What accounts should get reconciled?

• Why the banking feed still needs reconciliation

• The Reconcile interface

• Step-by-step reconciling

• Tricks to locate errors quickly

• How to solve common QBO workflow errors that create extra transactions

• ...and a slew of time-saving techniques

Prerequisites

Have taken at least one QBO Basics course

Designed For

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

Objectives

After attending this presentation, you will be able to...

• Describe the purpose of account reconciliations

• Recall the steps to reconcile your bank accounts and credit cards accurately

• Identify methods of troubleshooting stray transactions

Preparation

None

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by CPA Crossings.