how do i reconcille
how do i reconcille for 2008 when i've never done it before
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cDFMbCPnqr3RjjacfA8pyY
09/18/09 9:29pm PDT
Viewed by asker 10/01/09 7:45am PDT
Viewed by asker 10/01/09 7:45am PDT
1 Reply
Cidmoore
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Questions answered: 469
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09/23/09 1:52pm PDT
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The first month is always the hardest because I assume you are starting with a beginning balance. If you aren't starting with a beginning balance (you opened the bank account 1/1/08 and entered all the activity starting at 1/1/08) then just go to the banking menu, choose reconcile and enter the ending date for the first statement and the ending balance. Start clicking on the transactions that cleared that month (you can click the box that says show only transactions dated prior to the statement end date and that will reduce the number of transactions you have to wade through). When you are done the difference in the lower right hand corner should be zero. If it isn't, then see if the difference is a bank charge or a deposit adjustment.
If you are starting 1/1/08 with a beginning balance, then you need to still input the statement end date and balance, but when you are done the difference is probably going to be checks that were written in the prior period. If that is the case, then you need to enter those transactions (dated in the proper period) and make the appropriate entry to adjust your balance sheet back to where it should have been.
Hopefully this will get you started, if it answered your question, please mark as solved. Thanks.
