QuickBooks Tip #10 - Fixing the Variance Between My QuickBooks and Bank Balance

QuickBooks Tip #10

If your QuickBooks beginning balance is different from the beginning balance on your bank statement in your previously reconciled account, you need to find the cause of the discrepancy.

Some reasons that may cause a discrepancy:

• You may have uncleared a transaction directly in the account register by mistake.
        If you do this, your beginning balance will be off by that amount. You'll be able to see this in the Reconciliation Discrepancy report.

or 

• You've changed or deleted a previously cleared transaction that you have already reconciled.
        To fix this, you'll need to undo the previous reconciliation, then reconcile again with the correct transactions.

What to do next:

• You can find the discrepancy using the Reconciliation Discrepancy report.

• If you're able to resolve the discrepancy, click Restart Reconciliation.

• If you think your discrepancy might be caused by a previous reconciliation, click Undo Last Reconciliation. Once this process completes, you will need to reconcile that particular statement again.

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.

QuickBooks Tip #9 - Matching Deposits to Your Bank Statement

Are you having problems matching deposits in your QuickBooks register to your bank statement?

• When receiving payment from a customer, use the undeposited funds account. This will serve as a placeholder for your funds until they get deposited as a group into your bank.
• Once you make a deposit at the bank, go to make deposits in QuickBooks and select the payments that were in your deposit.

This will ensure your bank statement deposits match the deposits made in QuickBooks.

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.

QuickBooks Tip #8 - Transfering and Importing Lists

QuickBooks Tip #8

You can transfer & import your customer, vendor, chart of accounts, and many more lists from one company file to another.

• While in your QuickBooks company you would like to export from, go to "File", then "Utilities", choose "Export" and "Lists to IIF files".
• A box will pop up for you to check off which lists you would like to export.
• The system will default to save these files in your QuickBooks folder.
• Once completed, open the company file you would like to import them into.
• Go to "File", "Utilities", "Import", "IIF Files".
• Your QuickBooks folder will open, and you should see the files that you had exported.
• You will need to import these one at a time.
• Depending on what you need to import, there is a specific order in which importing should be done.

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.

QuickBooks Tip #7 - How to Pay Someone Salary and Hourly

How to set up an Officer who is configured for salary to also be paid hourly wages.

• The easiest way to do this is to have an hourly wage payroll item and add it to the officer's paycheck, below the salary wage item that appears automatically.
• QuickBooks will take care of all the computations; and won't object if there are two different types of compensation items on a single paycheck.

For more QuickBooks Tips, explore http://bit.ly/TipSeries. If you have any questions about this tip or any other tips, please email Marketing@CoverRossiter.com or call 302-656-6632. Visit our website at www.CoverRossiter.com/ for more information about our firm and its services.