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QuickBooks Desktop Vs Excel 2022 #3 - Bank Reconciliations
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2 STUDENTS
3h 59m

Learn the basics of reconciling bank accounts using QuickBooks Desktop and Excel.

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Course Skill Level
Beginner
Time Estimate
3h 59m

Instructor

Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI


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About This Course

Who this course is for:

  • Accountants
  • Bookkeepers
  • Business owners

What you’ll learn: 

  • The bank reconciliation process
  • Enter bank reconciliations for two months of data input
  • Some of the problems often faced when entering the first bank reconciliation

Requirements: 

  • No prior knowledge is required to take this course

Software version used in the course:

  • QuickBooks Desktop 2022

This course will compare the process of reconciling bank accounts using QuickBooks Desktop and Excel. Because Excel is a much more transparent tool, it will provide us a much better understanding of the workings of QuickBooks.

QuickBooks Desktop components of the course

We will enter bank reconciliations for two months of data input, breaking each step of the process down into digestible components.

The first month’s bank reconciliation will emphasize problems unique to the first bank reconciliation, including reconciling the beginning balance.

The second month’s bank reconciliation will demonstrate the process for months after the initial reconciliation, generally being an easier one. Also, how outstanding checks and deposits from a prior month impacts the following month’s reconciliation process.

Excel components of the course

This will focus on creating bank reconciliations after two months of financial data was entered into an accounting system using Excel.

For most new steps in the process, you will have access to a downloadable Excel Workbook containing at least two tabs, one with the answer, the new steps completed, the other starting where the prior presentation left off.

We will create a bank reconciliation for the first and second months.

The bank reconciliation process is one of the most important internal controls over the accounting system and also one of the most misunderstood and poorly taught procedures.

Most people think a bank reconciliation’s purpose is to double-check the ending balance of cash, and it is, in part. However, we are also verifying all the transactions that have involved cash, both increases, and decreases.

Because cash is the lifeblood of the business and because every transaction will impact at least two accounts, due to the double entry accounting system, verifying cash transactions also provides a huge internal control over the rest of the accounting system, including the revenue cycle, the expenses cycle, and the employee cycle.

Most textbook problems will teach the bank reconciliation process without providing a bank statement, which can be confusing. We will give an example bank statement we will use to perform our bank reconciliation process.

As we construct our bank reconciliation, we will discuss how accounting software, like QuickBooks, lays out the bank reconciliation process.

We will also discuss some of the problems often faced when entering the first bank reconciliation.

Our Promise to You

By the end of this course, you will have learned bank reconciliation. 

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Course Curriculum

Section 1 - QBD - Bank Reconciliations
Documents To Download 00:00:00
6010 Restore And Backup Data Files 00:00:00
9020 Bank Reconciliation Myth Busting 00:00:00
Section 2 - QBD - Month One Bank Reconciliation
9040 Bank Reconciliation Month One Overview 00:00:00
9060 Bank Reconciliation Month #1 Deposits 00:00:00
9080 Bank Reconciliation Month #1 Checks And Cash Decreases 00:00:00
9100 Bank Reconciliation Opening Balance Problem 00:00:00
9120 Bank Reconciliation Reports Month # 1 00:00:00
Section 3 - Excel - Month One Bank Reconciliation
Documents To Download 00:00:00
9040 Bank Reconciliation Month One Part 1 00:00:00
9041 Bank Reconciliation Month One Part 2 00:00:00
9042 Bank Reconciliation Month One Part 3 00:00:00
Section 4 - QBD - Month Two Bank Reconciliation
9140 Bank Reconciliation Month #2 Deposits 00:00:00
9145 Bank Reconciliation Month #2 Checks And Account Decreases 00:00:00
9160 Bank Reconciliation Month #2 Reports 00:00:00
Section 5 - Excel - Month Two Bank Reconciliation
9140 Bank Reconciliation Month Two Part 1 00:00:00
9141 Bank Reconciliation Month Two Part 2 00:00:00
9143 Bank Reconciliation Month Two Part 3 00:00:00
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