 QuickBooks Online 2024 Bank Reconciliation Month Number 2 Deposits. Get ready and some coffee because the accounting team is on board with QuickBooks Online 2024. Here we are in our Get Great Guitars 2024 QuickBooks Online Sample Company file. We set up in a prior presentation, opening the major financial statement reports alike we do every time located in the reports on the left in the favorites right click in the balance sheet to open link in a new tab right click in the profit and loss open link in a new tab same for the trustee TB tabbing to the right hamburger close it range change it 010124 tab 022924 we're gonna see it on a month by month side by side running to refreshing tabbing to the right closing the hamburger changing the ranging 010124 tab 022924 tab month by month breakout once again running to refresh and one more time tapping to the right closing the hamburger changing the range 010124 tab 022924 tab and then we will select the months and run it again let's go back to the balance sheet this time we're looking at the bank reconciliation again but for the second month of operation so in the prior section we looked at the bank reconciliation for that first month where we saw it can be a little bit more difficult because we might have that beginning balance issue on the second month of the bank reconciliation this will be similar to the reconciliation process that we will typically see going forward from that point in time so let's go back on over to this first tab let's go down to the transactions going to close up the hamburger and in the reconcile tab you will recall that we can look at the prior reconciliations by opening say the history over here we have the actual report and we can open up the attachment so let's go ahead and open up the attachment for the prior time frame which I saved in here for the bank reconciliation for January so this is the bank rec let's open that up and this is what we had last time so I'm going to close this out and so that's where we left off from the prior period now we have a whole another month of data input these transactions were those that were not cleared last time which we expect to clear this time so in other words if I look at my bank statements this was my bank statement last time where I have the beginning balances the increases the decreases getting to that ending balance in January we had this beginning balance issue for the first month but now that cleared balance to 6124185 will pull over and be the beginning balance in the bank statement in the second month so I shouldn't have that issue anymore once we get online with our bank reconciliation so we can see that here where we can see when we have the reconciliation we have our our statement balance being our cleared balance at the 6124185 if I minimize this close this back out note that that amount of course is not what is on the the bank or our books our books are showing as of the end of February 95779.05 so there's still a difference that difference of course is going to be the outstanding checks and deposits so we're going to do a similar type of process for the second month we'll be able to see some of those outstanding items for the prior period clearing and the current period and then you would expect some items in the current period that we know about have not yet been known by the bank and those will be the outstanding or reconciling items for the second month so we'll do this a little bit faster now because we've seen it before let's go to the first tab and we're going to go back into this reconciliation we're into the checking account once again the beginning balance notice it's hard coded now because because uh it's pulling in from the prior period now if you if you needed to adjust the prior period if this number was wrong and you did a bank reconciliation before then you might actually have to go to the prior reconciliation and undo it right redo the prior bank reconciliation so that you get your beginning balance to tie out once it's tied out everything should move forward smoothly next we're going to plug in our ending balance we just manually do that from our bank statement so that's going to be the 101 590 05 so I'm going to say this is 101 590 05 let's make sure I got that right 101 590 05 101 590 05 this is going to be as of the end of February so I'm going to say February 29th noting that you don't want to do a bank reconciliation generally from just your online banking list of transactions you want to have the actual bank statement because that gives you a defined cutoff date which is going to be important for the reconciliation I'm not going to be using these items down below I still think that these are kind of legacy type of items most people don't use these days because they probably have the bank feeds on therefore any service charges or interest earned would be put in place when you have the bank feeds I also always kind of like to do it myself because I think these transactions can be confusing to people because it actually creates a transaction that might be in a different format than you're used to so I'm going to go ahead and say all right let's start the reconciliation so we have the similar process up top this is the statement ending balance this is just the amount that we plugged in manually this is the cleared balance what does the cleared balance consist of it consists of the beginning balance so if I compare that to my statement here the beginning balance is now correct notice I can check that off as we go this is the summary up top 61 24185 so 61 24185 and then we're going to have our payments or decreases and deposits these will of course be populated as we start checking things off down below once we find everything that's on