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Simple billing statement sample for R&D

[Music] today we are going to take a look at how to reconcile your bank account in quickbooks online that may be some foreign terms to you you may wonder what is reconciling with my bank account so let's talk about that for just a second when we're looking at reconciling our bank account we want to make sure that all the transactions that cleared our bank account you wrote the check you used your debit card it went through your bank account we want to make sure that they're in quickbooks in our bookkeeping software they want to make we want to make sure they're in our check register in quickbooks so the information will show up on our profit and loss statement or our balance sheet so we have accurate books and records so that whole process of making sure those transactions is there is called reconciling we're going to take a look at that reconciliation process through quickbooks online so first to do that to reconcile you're going to be in your quickbooks you're going to go to accounting which is towards the bottom left of your screen and then you're going to go to reconcile and once you do that you're going to need information off of your bank statement that you got whether your bank mails you your bank statement or whether you get it online you may have to log into your online banking print it off yourself that's dependent on your bank but you will need information off of that bank statement to input into quickbooks once you get to that point you have your paper ready you've got all of your transactions added into quickbooks whether you manually put them in or whether you imported them from your bank account and both of those actions are in a separate video that we've already done so you can go back and take a look at how to add transactions into your bank account and connect your bank account to where they'll automatically download so both of those are in previous videos take a look at those so at this point we've already got that in there we're ready to roll with reconciling so on this screen it tells you which account you're in so you can have multiple bank accounts in quickbooks online right now we just have one so we're going to make sure that that's the right one we're choosing we have our beginning balance our beginning balance is actually from our previous reconciliation that we've already done so then the ending balance is gonna come from your bank statement so on your bank statement they will show you your beginning balance number one key thing is this can be in different formats depending on your bank but you're always going to have a previous balance total debits total credits and then ending balance so we want to put our ending balance in for this place right here so in this instance it's 15.66 ending date is once again going to come off of your bank statement so your bank statement will show you the time period that it is for and so this one was for january 12 to february 9th so we will select february 9th and then we can tell it to start reconciling so in quickbooks online if you've downloaded all of your transactions inputted them reconciling is pretty seamless for you quickbooks does an amazing job on making sure that everything's in there for you automatically if you hand put things in and you don't have your bank account reconciled you will need to check off a lot of the boxes over here over here on the right if there's a check mark here that means it's cleared your bank but since we have downloaded everything from our bank account and we added it into the check register which you can see in the previous video quickbooks is actually reconciling for me it does a lot of the work for me it's already check marked off over here all these things have been added but if you go back up to the top it's telling us there's a difference of 520.99 that means there's a check missing there is a check that has cleared the bank that is not in my check register in quickbooks so how do you find that well you would actually compare your bank statement to what's in quickbooks online by scrolling through here and then you can go back once you find out what it is then you can tell this to finish for later or a save for later sorry and then go back and add in that transaction so what has happened here is we've either missed adding something when we were adding all of our stuff through banking so we're gonna go back to banking if we scroll down here oh right there is five a check for 520.99 it's still sitting in our queue it hasn't been added to the check register so we're going to tell it to add and then we're going to go back to reconciling we can tell it to resume reconciling and then now we're ready to roll now there is no differences at this point we know that for the time period of january 12th to february 9th that all of our transactions that cleared the bank are in our quickbooks check register so we know we have accurate records for our profit loss and balance sheet so at this point we can tell it to finish now and it tells us that we're done we can view a report if we'd like to um just to print that out and keep with our bank statement just depending on how you like to keep your records you can also come back in and print at a later date thank you for watching if you have any questions on reconciling drop us a note make sure you hit like and subscribe and have a great day [Music] you