Translations from Your Trusted Advisor.
Do you receive mid-month bank statements or credit card statements that you reconcile in QuickBooks? You can change the statement date in the QuickBooks reconciliation screen to the end of the month and reconcile to the month-end or year-end balance using your bank balance for that date. Then, when you get your next statement you will reconcile your account as you normally would, changing the statement date to match the statement, and then only reconciling the new transactions on the statement.
An important feature you should be aware of in QuickBooks bank reconciliations is the “Hide transactions after the statement’s end date” button. Checking this button will filter activity to only show transactions through your statement date. This feature makes sure you don’t clear transactions in the wrong period. If you need to uncheck the button to find missing activity, you should change the date of the transaction to be in the correct period. This button is available in both the desktop and online versions of QuickBooks. This is even more useful when you are behind on reconciliations.
For more information on QuickBooks bank reconciliations see our first post in the series: QuickBooks Bank Reconciliations: Part I
If you use QuickBooks, you likely already know how to use the Bank Reconciliation feature. However, did you know that you can also use this feature with credit cards and loans?
Did you know that QuickBooks has a built-in calculator?
QuickBooks has a multitude of keyboard shortcuts for the person who wants to speed up their accounting as much as possible. The following is a list of handy shortcuts for entering transactions and opening various screens in the desktop version of QuickBooks.