Standard QuickBooks set-up FAQS

• In what way to Reconcile Credit Cards in Quickbooks?
• How to Adjust Credit Card Balances to Actual in QuickBooks?
• What is Bank Reconciliation & Adjusting Entries?

1. In what way to Reconcile Credit Cards in Quickbooks?

Reconciling credit cards in Quickbooks is not only important for keeping perfect records and tax returns but can also benefit track misuse of your card. Through manually checking off each transaction, you are verifying the charges. It only takes a few minutes each month and confirms your finances are perfect.

2. How to Adjust Credit Card Balances to Actual in QuickBooks?

Even though using QuickBooks to track and manage credit card balances makes data entry or errors of omission less likely, they can still arise from time to time. Reasons for this contain manual data entry mistakes, errors in downloading credit card transactions that result in duplicate or missing entries, or balance adjustments related to merchandise you do not record. Adjust credit card balances to actual in QuickBooks at the time you reconcile the account, either by allowing QuickBooks to complete the adjustment or through making the adjustment yourself.

3. What is Bank Reconciliation & Adjusting Entries?

When you receive an account statement from your bank, pay attention to the reconciliation page, usually at the end of the statement. There you would see how much the bank charges for its services, as well as how it calculates the fees. Companies also spend time appraising their cash balances to make sure that book amounts reconcile with bank balances.