How to adjust your bank reconciliation in QuickBooks Online ?
Bank Reconciliation fails happen all the time. You need to adjust for the difference because QuickBooks online says you can’t finish reconciling because you can’t find the difference. So, this tutorial will show you how to “force it to fit” with an adjustment. There are only 2 reasons to adjust a bank reconciliation at the end.
This video is for the non-legitimate reason to adjust a bank rec, you simply cannot find the difference, so you need to adjust and move on with your life. The account that records the adjustment that will force the current bank rec to work is called the “reconciliation discrepancies”. Of course, if it is for a large amount then you cannot. But you will see why many people do it because sometimes an immaterial difference in your bank rec is not worth thousands of dollars to keep looking and lose time. However, it really does mean that there is a past mistake somewhere but once it’s adjusted for, it will no longer matter.
Table Of Contents:
00:00 Introduction To Adjusting The Bank Rec
01:57 The Materiality Principal
03:18 What Happens When You Adjust A Bank Reconciliation?
04:58 The Reconciliation Discrepancies Account
05:50 How To Follow Along With Me Step-By-Step
07:21 Starting The Practical Exercise
12:18 Making The Adjustment
15: Finding The Adjustment Results
Here’s the full course on Bank Reconciliation Updated............
https://youtu.be/nkz6d3D-8xY
Supercharge Your QuickBooks Online With Bank Feeds And Importing Transactions.
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