Nicole, Here Are Your Articles for Monday, December 07, 2020
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QuickBooks: Easy Tips for Solving Problems

 

For recurring payments, first go to the Main Menu, click on "Edit," followed by "Preferences," which leads you to "My Preferences." Then choose to "automatically recall the last transaction for this name." This method is perfect for paying recurring bills, such as rent, that are the same every month. This also can be useful for other transactions in which amounts can vary from month to month. The transaction will populate with the vendor name and address by typing just a few descriptive letters. Then, simply fill in the correct dollar amount. Other good preferences to use in the "General" section include: "Automatically open a drop-down list when typing," which is good to fill in fields and "Warn when editing a transaction." That comes in handy with accidental entries when viewing a transaction.

Another good option is to use the "Date Warning" feature, which is under the "Accounting" section of preferences. This will ensure that your transactions are dated properly. You also can set dates for future transaction warning. This is an effective way to safeguard against wrong data entry.

The bank reconciliation is an easy tool to ensure everything in your checkbook is properly entered. If everything has been entered and cleared correctly, you should not face any issues. However, there are a few things that may go wrong while preparing the bank reconciliations. Once you have completed the bank reconciliation, you may notice that the balance shown does not match the balance in the account reports at the month end date. This is usually a dating problem – and we don't mean the kind you have when you are out at the clubs. This actually has to do with the actual date on the transactions that were cleared that month. If the problem occurs, review your bank reconciliation to make sure that everything that you marked as cleared was dated on or before the month end date of reconciliation. We find that sometimes if an entry is entered on the first of the following month, it may clear in the current month.

In some cases when something was not entered before the bank reconciliation was started, the system takes the current date. Another big item, which is much harder to find and correct, is when the opening balance does not match the ending balance from the previous month's reconciliation. This happens more often than you think and requires more detective work than the previous problem. In this case, it is usually a human error that has caused the issue, such as deleting previous entries that had already been cleared from a previous reconciliation. In order to find this error, review the previous reconciliation for any items that are missing.

Another reason why this error can occur is because an entry has been made and has accidentally been marked as cleared. This is easier to locate as you just need to scan the checkbook register for any items that are cleared after the previous reconciliation date. To aid in your search, there is a tab marked "Locate Discrepancies." A report will be generated that should indicate what happened. If you have come across any other errors not mentioned here, contact me and I will help you with the best way to rectify your situation.

 

 

 

 
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