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How to Reconcile a Bank Account in QuickBooks Online - My Cloud Bookkeeping - YouTube
Channel: My Cloud Bookkeeping
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hi Carrie here from my cloud bookkeeping
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one of the questions I often get asked
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is if connected my bank to QuickBooks
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joy still need to do a reconciliation
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and the answer is yes you must
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definitely still do need to reconcile
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all of your bank and credit card
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transactions that's how you can make
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sure that what you've got in QuickBooks
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is accurate not doubled up you know
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missing anything
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sometimes the bank feed might drop out
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for a day or he'll duplicate
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transactions we'll talk about that a
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little more later on so why don't in
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this video is I'm going to walk you
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through the steps of what you need to do
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before you reconcile your bank so that
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you have a lot more chance of having an
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accurate reconciliation there's a
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checklist down below if you want to
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download it now you can work check
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through it as we go or you can use it
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for future reference firstly if you're
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using hub dock or receipt Bank to
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photograph your expenses or your
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receipts be sure that you process
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everything that you've uploaded before
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this next step if you don't know what
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I'm talking about
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don't worry just move on to the next
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step now in QuickBooks we're going to
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want to update our banking information
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pop over to the left-hand tab for
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banking and here we'll add our bank
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accounts and we're going to click update
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and what this will do is it'll bring in
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any transactions on the bank that
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haven't been brought into your bank feed
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already now this is the sample company I
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hope obviously there's nothing to update
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so if your account is one of the ones
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that doesn't connect to QuickBooks you
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can upload a file from here so pop here
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file upload you'll have to go to your
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bank to download the file and pretty
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sure I have another video on that so
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make sure the links in the top right so
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you can go and find out how to do that
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if you need to now once you've updated
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your bank feed you can see that there
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are some easy wins down here some of
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these things have already matched which
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is fantastic but do be careful make sure
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you only match things that a year a
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certain are accurate or you'll end up
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with duplicated transactions which is
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the most common error that I see I
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always do a little quick check the date
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the date this is this description column
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comes from the bank that looks like it's
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fine
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so I just always do just look at them
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before you match them because it's so
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easy to get excited and hit match and
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next thing you know
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you bank your books are an absolute
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disaster here we go again this one looks
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fine here so just work your way through
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all of the match two transactions you
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find on your bank feed the next thing
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that I do is I look to see if there are
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often transactions that repeat and here
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on the bank feed we're not seeing that
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but perhaps on your account you might
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have say for example transfer fees of a
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dollar fifty and six of them or maybe
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you run into Starbucks every morning and
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this $2 27 you can create a rule for
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those you can pop up here into rules and
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make a rule just to deal with any of
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those things that you're not putting
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through receipt bank you're not putting
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through hub doc and that maybe you
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haven't already entered into QuickBooks
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that'll save you a lot of time now we've
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had our easy wins our rules have been
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dealt with let's look at what we do with
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what's remaining now let's have a look
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at this blind here Chin's gasps we're
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gonna click on the row note on the row
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not in the check marker on the word add
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and then we could have this radio button
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find match so QuickBooks is going to
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look for items to match as you can see
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here it's found a check for chins gasps
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for $185 now I have no idea why this
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didn't match on the bank feed but it's
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matched now so we can click Save and
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that clears that one off the bank feed
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so scroll through if there's anything
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else you should have entered into
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QuickBooks match it up now then we're
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left to enter the items that we know we
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have an entered into QuickBooks still on
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the bank fee so here we have one from a
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rental now perhaps this is somebody
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we've just started dealing with they're
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not in QuickBooks yet so we'll set them
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up as a vendor
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and now I'm gonna put it to equipment
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rental
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so we'll pop this to equipment rental
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here
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and we will add the transaction and
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QuickBooks is kind of decided hey well
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if this is where you put it last time
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this is we're going to suggest now and
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that's okay so we'll add it
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not creating a rule so hip go work
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through everything that you have here
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until you've completely cleared your
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bank feed
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you really only need to clear the bank
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feed up to the date of the
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reconciliation you're doing well for
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this example here I've cleared all of
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them so now you're ready to reconcile
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your account I'm going to link to the
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video that shows you how to do that
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but before that I'm just going to show
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you quickly where to go and look for it
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so you need to get your statement from
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the bank either online or on paper I
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don't like to print things but I must
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admit I'm pretty old-school when it
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comes to doing my bank reconciliation
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and they normally do you pop up here to
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the icon you can find reconcile here we
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go down to accounting here find
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reconcile here now for some reason
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I don't know why I just always go
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through the register and I click
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reconcile from here and this is where
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you get to the place where you can
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reconcile your bank account
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now here's an important tip after you've
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done your reconciliation so I guess
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probably not now but later if you've got
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any items remaining on that bank
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reconciliation page you need to
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investigate them if one of the items is
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a check that you just know is gonna
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clear in the next month don't worry
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about it but if you have older items
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that's showing that there's there are
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things in QuickBooks that shouldn't be
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there often its duplicated transactions
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once again it's still the thing I'm
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coming across the most so I'll be doing
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another video to talk about matching
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transactions and then probably creating
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some sort of a course to help you clean
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them up if you're in that situation so
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if you follow all of these steps you can
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head straight to your reconciliation and
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chances are hopefully everything will be
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fine
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if there's not I've included other links
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throughout the videos just to two
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different videos to show you how to do a
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bank reconciliation matching just
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different things that hopefully will
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help you along the way so download the
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checklist get started click like
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subscribe to my channel I'm working on a
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lot more content right now we're in
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coronavirus time so I have no idea when
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you're watching this hopefully it's all
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a distant memory but I'm going to be
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working on a lot more content to help
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people get their books cleaned up while
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all of this is going on if there's
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anything you also you want to know about
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also do make a comment in my next video
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it could be for you
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Cheers
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[Music]
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you
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