In This Chapter
Balancing a bank account
Troubleshooting when your account doesn't balance
I want to start this chapter with an important point: Balancing a bank account in QuickBooks is easy and quick.
I'm not just trying to get you pumped up about an otherwise painfully boring topic. I don't think that balancing a bank account is any more exciting than you do.
My point is simply this: Because bank account balancing can be tedious and boring, use QuickBooks to reduce the drudgery.
As I said, balancing a bank account is remarkably easy in QuickBooks. In fact, I'll go so far as to say that if you have any problems, they stem from . . . well, sloppy record-keeping that preceded your use of QuickBooks.
Enough of this blather; I get started by describing how you reconcile an account.
In a reconciliation, as you probably know, you compare your records of a bank account with the bank's records of the same account. You should be able to explain any difference between the two accounts — usually by pointing to checks you wrote which haven't yet cleared. (Sometimes deposits fall into the same category; you record a deposit and mail it, but the bank hasn't yet credited your account.)
The first step, then, is to supply QuickBooks the bank's account information. You get this information from your monthly statement. Supply QuickBooks the figures it needs, as follows:
QuickBooks displays ...