Reconciling Quickbooks

Discussion in 'Lawn Mowing' started by linky, Feb 19, 2001.

  1. linky

    linky LawnSite Member
    Messages: 151

    Trying to reconcile Quickbooks checking account for the first time and don't understand the beginning balance field. Originally deposited an amount of $ to open the account and paid most of that out through a cashier's check which was drawn on my checking account. My first statement-from last year starts in May '00. Tried to enter the beginning balance from the statement and that didn't work, tried to enter the orginal amount of $ used to start the account and a message box pops up that says "The open balance is the sum of all previously cleard transactions for the selected account. This amount cannot be edited." So, my question is, what amount can I enter to start my beginning balance? Thanks for any help on this.
  2. Mowin4cash

    Mowin4cash LawnSite Member
    Messages: 160

    I think I know what your asking for. The amount to enter would be the balance of your last statement, then the ending balance of your current statement. If that doesn't help, only think I can tell you is to check out some of the help menus or the book that came with your software.

  3. RYAN

    RYAN LawnSite Member
    Messages: 211

    Mowin4cash why did you have to repeat linky's entire post. I think we all know what you are refering to and we did not need the referance. Linky use the help menu's and that will walk you through it reconciling can be confusing but if you do it once or twice you will get the hang of it.
  4. Randy Scott

    Randy Scott LawnSite Bronze Member
    Messages: 1,915

    Ryan, why did you just tell linky the same thing Mowin4cash did? Use the help menu's---check out some of the help menus, same thing!
  5. Russ

    Russ LawnSite Senior Member
    Messages: 540

    I've used QB for about a year now and understand now why it isn't called Easy Books. My CPA wanted $100.00 per hr to clean up my QB (or reconcile my accounts on a monthly basis ie. checking,interest,credit card ect.) with no estimate as to how long it would take. Paid $169.00 for 1 year of one on one support from intuit. So far its been worth every penny. One on one telephone support(no waiting on hold) from polite people who know accounting and QB. They will walk you through step by step until you understand. You may want to consider this service just incase reconciling accounts isn't the only problem you incounter as you review last years records.(I made a lot of mistakes last year)Just an idea!
  6. SLSNursery

    SLSNursery LawnSite Senior Member
    Messages: 442

    My advice is to go to the account list, and edit screen for your check book. Make sure that the opening balance number and date in that area match your opening balance and date. If you entered Zero as the opening balance here, then keep in mind that your opening deposit will appear as a regular deposit, and your opening balance for the first reconciliation will be zero. Just make sure that your opening balance appears in either place, not both.

    Next, I would reconcile one month at a time from May '00 through today. This is not very time consuming, and will ensure accuracy. If you follow the above notes regarding opening balance, then go through the reconcile screen for May, verifying each deposit and each check or other withdrawal as noted on your statement. Be sure to add service charges or interest in the appropriate boxes. If you walk through each month, you will verify all of your transactions one by one. If you need to edit them, double click on one, or click Go-to. If you need to add a check or deposit, you do not need to close the Reconcile window, just take the action, and it will appear automatically or after a refresh.

    If you follow the above procedure, each starting balance on the reconcile screen will match the ending balance from the bank statement of the previous month. You just enter the ending balance and click the cleared transactions.

    I hope this helps.
  7. gusbuster

    gusbuster LawnSite Bronze Member
    Messages: 1,928

    I've been using quickbooks for some time now.
    linky, when you, the very first time started your registar in quickbooks, did you start with your actual bank balance or $0.00 .
    The first time: I started and used Opening balance equity, which is an equity account. You will never be able to balance your registar if you started out with a $0.00 banlance in your check registar.
    Because I use online banking, which most major banks have some form of, I balance my registar every other weekday. It's the best way to balance. It's too hard to do it on a monthly basis for me. I write or use my debit card too much otherwise.
  8. Mowin4cash

    Mowin4cash LawnSite Member
    Messages: 160

    Who asked you? My oh my folks are getting there butts on their backs. GORE LOST, now get over it!
  9. RYAN

    RYAN LawnSite Member
    Messages: 211


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