QuickBooks – Mid-Month Bank Reconciliations

March 14th, 2010

In QuickBooks, sometimes the check register can go awry between the monthly bank reconciliations. Here are simple directions to reconcile the check register, even without the regular monthly bank statement:

1. From your web browser, go to your bank’s website and print a detailed listing of all banking transactions that have occurred since the last time you reconciled (presumably since the last statement).

2. Go through this printout and make sure all transactions that appear on it also appear in QuickBooks. ATM withdrawals, automatic payments, and other transactions of this type sometimes get overlooked – be sure these are current in QuickBooks.

3. From the Banking menu in QuickBooks, select Reconcile. The Begin Reconciliation window opens.

4. Select the correct account, enter today’s date, enter the ending balance from the printout, and enter any banking fees that may appear on the printout that have not already been entered into QuickBooks. Click Continue. The Reconcile window opens.

4. In the same way that you would balance a regular bank statement, with the printout in hand, go through the Reconcile window and place a checkmark next to any item that appears in both the printout and in QuickBooks. With a pencil, write a checkmark on the printout next to any item that you also checked in QuickBooks.

5. When you have checked all items from the printout, look at the Difference (located in the bottom right corner of the Reconcile window). It should be zero. If it is, then you are finished. Do not click Reconcile Now. Instead, click Unmark All, then click Leave.

6. If the Difference amount is not zero, errors were made. Verify that all entries in QuickBooks match the bank’s entries exactly; verify that all transactions from the bank printout have been entered into QuickBooks; verify that all entries that appear on the bank statement AND also appear in QuickBooks have a checkmark next to them; and verify that in QuickBooks there are no checkmarks on items that do not also appear on the bank printout.

A Difference amount that is positive means that a deposit is missing in QuickBooks, or that there are too many withdrawals or checks in QuickBooks. A Difference amount that is negative means that one or more withdrawals or checks are missing in QuickBooks, or that there are too many deposits in QuickBooks.

At this point, if you still cannot get the Difference amount to be zero, then you may need to call an experienced QuickBooks professional to help. Remember that accounting problems do not get better as time goes on, they get worse. If you need help, it is better and less expensive to get it before the problem gets too big or has gone on for too long.

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The Easy Way to Balance Your Checkbook

March 13th, 2010

Yes, you can balance your checkbook every month to the penny with a minimum amount of time and effort. It is very important to do so in today’s world to prevent yourself from becoming a victim of fraud and identity theft.

There are a few points to keep in mind when balancing your checkbook. First, the ending balance in your checkbook and the ending balance on the bank statement will not match due to timing. You are balancing your checkbook currently, the bank statement has a closing date which is usually printed at the top of the statement. Second, the only differences that occur between your bank statement and your checkbook are deposits in transit, deposits not recorded, outstanding checks, transfers, and adjustments. And, finally, remember that the bank is always right.

When you receive your bank statement, take your checkbook register and place them side by side. Begin with the ending balance on the bank statement. The bank statement will then list all the deposits made to your account during the time period you are reconciling for. Match the deposits on the bank statement against what you have recorded in your checkbook register. A deposit in transit is an amount that you have in your checkbook but is not listed on the bank statement due to the statement date. Add these amounts, if any, to the ending balance on the bank statement. A deposit that is not recorded is an amount that the bank shows but is not in your checkbook register. Add these amounts, if, any, to your checkbook register. This section is usually the easiest to balance since magical amounts of money don’t appear into your account. These amounts result from actual money you take to the bank, deposit transfers between accounts or payroll direct deposits.

Next, you will want to see what checks cleared the bank that you wrote from your account. These are listed on your bank statement in numerical order. Follow this order and place a checkmark next to the check listed in your checkbook register that cleared the bank. Those checks in your register that do not have marks next to them, otherwise known as outstanding checks, should be subtracted from the bank statement balance. Be alert because the check can clear for a different amount than what it was written for. Either the writing on the check was unclear or the numbers were transposed.

Other withdrawals that can occur during the statement period are debit card purchases, automatic debit payment and ATM withdrawals. Make sure that all reductions on your bank statement are entered in your check register. It is important to check this section on your bank statement and make sure it matches your checkbook since this is the area where fraud is widespread. If you know where you shopped and utilized your debit card or when and where you stopped and made an ATM withdrawal, then those transactions are the only ones that should appear on your bank statement. If other withdrawals appear on your statement that you cannot justify, contact your bank immediately!

There can be adjustments to your account such as interest, service fees and the occasional bank adjustment. Yes, I realize that I stated that the bank is always right. Well, it is. Each and every employee of a bank that comes in contact with money must balance at the end of the day. Trust me, they will find their mistake. And, they often find your mistakes too! Remember to subtract your fees and add the interest to your checkbook register.

The ending balance of your statement should now match the ending balance in your checkbook register. If the amounts are not the same, I find it is usually in the withdrawals. Specifically go over the cleared checks and the amounts they cleared for.

You work hard for your money! By following these easy directions, you can have less frustration and a better understanding of where that money goes and you can protect yourself from the many occurrences of fraud in today’s society.

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Van Insurance with No Deposit – How to Purchase Insurance Without a Deposit

March 9th, 2010

There are a variety of different types of van insurance cover out there, one of which is van cover with no deposit. When it comes to this type of van cover in the UK, you will find that all of the coverage benefits are the same, and that the protection remains the same, with the only difference being that the policy is paid for in advantage without requiring a deposit.

This is different from most forms of insurance for vans, because most insurance is paid for on a month by month basis, or six months at a time, and a deposit is required to ensure that the policy continues to be paid for on time.

With van cover with no deposit, on the other hand, the entire van/s policy is paid for, for a year or even longer in advance. Because the policy is already paid for, the insured person is protected and fully covered without a deposit being required the day that the policy is purchased.

Van insurance with no deposit is not an ideal insurance cover option for every van driver, but it does have its merit and is worth exploring by drivers who do not want to worry about putting a deposit down when they first purchase their insurance policy.

When you decide to seek coverage for your van, it is important that you consider a variety of different options for your van/s, and one such option is van insurance with no deposit. While this is not the ideal opportunity for every van driver in the UK, it can benefit a lot of people because paying in advance is usually far less expensive than paying on a month by month basis.

The best way to make educated and informed decisions regarding your insurance cover is to do your research and compare quotes from numerous van insurance companies before any decisions are made.

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