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Bookkeeping question



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amother
OP


 

Post Thu, Jun 18 2020, 7:51 pm
Can anyone please help me!

My bank balance and quickbooks balance are off by a large amount (over 100k)
I don’t have that amount in undeposited checks (tops 6k of undeposited checks)

What else can it be???
I have done my bank recs and all is good
What am I’ missing !?!?what else could it be?

Thank you so much-!!
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bargainlover




 
 
    
 

Post Thu, Jun 18 2020, 8:04 pm
QuickBooks is showing 100,000 more or less than the bank? Can you look at the previous reconciliation report and see what is uncleared?
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acemom




 
 
    
 

Post Thu, Jun 18 2020, 8:12 pm
There would probably be uncleared/outstanding checks. Whenever you enter or print a check, QuickBooks automatically deducts it from your bank balance.

Do you have several accounts? Sometimes checks are entered using wrong account and then reentered using correct account without deleting/modifying original entry.
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amother
OP


 

Post Thu, Jun 18 2020, 8:15 pm
my quickbooks is 130k less than the bank
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amother
OP


 

Post Thu, Jun 18 2020, 8:17 pm
right thats why I dont know what is going on-
I dont have more than 6k in advance checks and uncleared checks all together

WHAT IS GOING ON?!?
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acemom




 
 
    
 

Post Fri, Jun 19 2020, 7:01 am
-Did you delete any transactions lately?

-What "closing date" was the last time you completed a reconciliation and the numbers were still good?

- Try opening the reconciliation window using the previously used ending date. Click on the check mark that will allow you to only see entries prior to "closing date". Any entries come up as uncleared that you know have been previously cleared?
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amother
Fuchsia


 

Post Fri, Jun 19 2020, 7:07 am
amother [ OP ] wrote:
Can anyone please help me!

My bank balance and quickbooks balance are off by a large amount (over 100k)
I don’t have that amount in undeposited checks (tops 6k of undeposited checks)

What else can it be???
I have done my bank recs and all is good
What am I’ missing !?!?what else could it be?

Thank you so much-!!


Your bank recs couldn't be all good...start again.
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amother
OP


 

Post Fri, Jun 19 2020, 8:02 am
Hi guys!!
Found the culprit ... the accountant made a journal entry dated in dec 2019 for that amount ...
So that obviously was never reconciled and honesty that was wrong of him to put down the bank in the journal entry

Thanks everyone!
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amother
OP


 

Post Fri, Jun 19 2020, 8:07 am
amother [ Fuchsia ] wrote:
Your bank recs couldn't be all good...start again.


Can you please explain this
My bank recs could very well still be good if my quickbooks bank is off
I don’t understand this?
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amother
Fuchsia


 

Post Fri, Jun 19 2020, 9:54 am
amother [ OP ] wrote:
Can you please explain this
My bank recs could very well still be good if my quickbooks bank is off
I don’t understand this?


Maybe I don't understand you.

What are you reconciling your bank to?

For me bank reconciliation where you reconcile the difference in your actual bank balance (per your bank statement) to the balance in your bank ledger - ie what quickbooks shows you is in the bank.

Its a function in quickbooks.

(reading what you wrote - sounds like your opening january 1, 2020 didn't reconcile because of what the accountant did. Hope he provides you with a corrected entry).
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thunderstorm




 
 
    
 

Post Fri, Jun 19 2020, 9:58 am
amother [ Fuchsia ] wrote:
Maybe I don't understand you.

What are you reconciling your bank to?

For me bank reconciliation where you reconcile the difference in your actual bank balance (per your bank statement) to the balance in your bank ledger - ie what quickbooks shows you is in the bank.

Its a function in quickbooks.


This.

Your Quickbooks beginning balance and ending balance should match the beginning balance and ending balance on your bank statement.
Are your beginning balances the same?
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amother
OP


 

Post Fri, Jun 19 2020, 9:59 am
amother [ Fuchsia ] wrote:
Maybe I don't understand you.

What are you reconciling your bank to?

For me bank reconciliation where you reconcile the difference in your actual bank balance (per your bank statement) to the balance in your bank ledger - ie what quickbooks shows you is in the bank.

Its a function in quickbooks.

(reading what you wrote - sounds like your opening january 1, 2020 didn't reconcile because of what the accountant did. Hope he provides you with a corrected entry).


No -I never heard of this!!
Can you guide me how to do that’?? Thank you!!!!

I was referring to simply doing a regular bank rec,you write beginning and ending balance of the real bank and reconcile . ( you do it each month)
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amother
Fuchsia


 

Post Fri, Jun 19 2020, 10:01 am
thunderstorm wrote:
This.

Your Quickbooks beginning balance and ending balance should match the beginning balance and ending balance on your bank statement.
Are your beginning balances the same?


I updated my post.... she figured out the accountant posted a 2019 y/e adjustment to the bank... that would mess up opening balances..
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thunderstorm




 
 
    
 

Post Fri, Jun 19 2020, 10:03 am
amother [ Fuchsia ] wrote:
I updated my post.... she figured out the accountant posted a 2019 y/e adjustment to the bank... that would mess up opening balances..

Oh. I didn’t see that.
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amother
Fuchsia


 

Post Fri, Jun 19 2020, 10:13 am
amother [ OP ] wrote:
No -I never heard of this!!
Can you guide me how to do that’?? Thank you!!!!

I was referring to simply doing a regular bank rec,you write beginning and ending balance of the real bank and reconcile . ( you do it each month)


I'm talking about this https://quickbooks.intuit.com/.....44822

if you use this function - you would see the 2019 post the accountant put in your 2020 reconciliations because it would be 'uncleared'.
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amother
OP


 

Post Fri, Jun 19 2020, 10:14 am
Thanks everyone

Can someone explain to me what the poster above meant ? I would love to learn how to do that
( reconcile bank balance to quicjbooks bank balance)
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acemom




 
 
    
 

Post Fri, Jun 19 2020, 10:18 am
The accountant needs to correct the j/e to not include your "bank account" account.

(Why would an adjusting entry at year end need to affect bank balance? Genuinely confused.)
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amother
Amethyst


 

Post Fri, Jun 19 2020, 10:23 am
I'm glad you figured it out!
I took a Quickbooks course from the lady who teaches it in BYHS, was a few years ago, I think her name is Mrs Fruchter but I may be remembering wrong.... was really helpful. She taught me a bunch of time saving tricks. Don't know if it would help you at all, just putting it out there because she's really good.
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amother
OP


 

Post Fri, Jun 19 2020, 10:25 am
acemom wrote:
The accountant needs to correct the j/e to not include your "bank account" account.

(Why would an adjusting entry at year end need to affect bank balance? Genuinely confused.)


Exactly me too

I feel like he is not a good accountant he constantly does this in different ways

I told him to please adjust it...
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