 Zero Accounting Software 2023 Bank Reconciliation with Bank Feeds after the first month of Bank Reconciliations. Get ready to become an Accountant Hero with Zero 2023. Here we are in our Custom Zero homepage going into the company file we set up in a prior presentation, the Bank Feed file. Duplicating some tabs to put reports in like we do every time, right-click on the tab up top so we can duplicate it. And then we'll right-click that duplicated tab and duplicate it again. Back to the tab to the middle, Accounting drop-down. We want to open up the balance sheet. And then we'll tab to the right, Accounting drop-down. We want to open the income statement. We're going to change the range, select in the drop-down. We'll bring it back to 2022, the beginning of 2022 and the end December of 2022. On the range, I'm going to update that. Let's tab back to the balance sheet. And this time I would like to do a side-by-side so I have two months. So we're going to be reconciling as of the end of September and I would also like August next to it. So I'll select the drop-down first and let's bring this back to, let's say, September and the 30th. Updating that. And then I'm going to go to the super cool edit layout tab that Zero has down below. We're going to be adding a column. It's going to be a date type column. And so let's select the date. And notice here it says end of the quarter. So it's a little bit sneaky because I really just want the month, end of the month. And then I want the prior month, so August here. So now we've got August and September and we can update that. And check it out. Alright, so there's our two here. Now let's also open up our bank reconciliation reports. So I'm going to tab to the right to do that. I'm going to right-click and duplicate this tab. And let's go into the accounting drop-down and go into our reports. And we're going to type in bank reconciliation, bank rec. And we want, let's first take a look at the prior bank reconciliation we did. Selecting the drop-down. That is for August 31st. And so we'll select it going from the beginning of August to the end of August 31st. And so I'm going to say OK. And then the bank account, we're looking at checking account. And then the bank balance from August ended at 20,719.96. So was that 20 or 27? 20,719. 20,719.96. Okay, let's update that. And so there we have it. This is 2023. Let's bring it back to 2022, actually. 2022-1 through 2022-31. Alright, let's try that again. Okay, so this was our balance for the zero balance, 20,719.96. If I go back to the balance sheet, there's the 20,719.96. And then there's no outstanding items because we're constructing our books from the bank. And therefore our ending balance is still the 20,719.96, which matches the amount on the bank statement which we typed in there at the 20,719.96. So everything was reconciled. You'll recall the big issue with that first reconciliation was getting that 10,000 beginning balance in place. Once that's done, if we're constructing our books simply from the bank feeds, we should basically have a running balance that's always going to be the same at any given time. So the bank reconciliation is kind of being done real time as we go because the bank reconciliation isn't really reconciling anything from the bank to the books, but instead is just a double check to make sure that everything that's coming in from the bank has been included. Like we didn't miss something. We didn't actually delete something and we haven't had a duplicate transaction. So something got pulled in two times and we recorded it twice. So we can kind of see our bank reconciliation as we go, but I would still do it periodically at the end of the month. Run a report like this so that you can actually see the bank statement. So in other words, I would still pull up an actual bank statement because the bank statement gives you a very clear end point. So this is the end of the period and I can see my running balance or my bank balance as of that point in time. And if something is wrong, if you run into a problem and you're like, hey, I'm out of balance. Well, now you have a reconciling point. If you're just checking your stuff real time and you don't really have a sense of the beginning and ending point, like you do in a bank statement, then it's going to be difficult to know what happened. Where did we run? Where did we run wrong? In order to fix something, you're going to have to have something like this, right? This is where we stood. We were correct at this point in time. And that's beginning balance is the same as the ending balance for the prior period and the prior period was in reconciled. I reconciled the prior period and it's good. So if I can do that, if I can pull up my report and say, hey, look, the prior period is good and the current period is off, then the beginning balance I would think is correct. And then I have to see the additions and the subtractions. Those are the things that we're basically reconciling. If those things are improperly and everything matches up, in other words, everything on the bank statement is on the books, then the ending balance has to work. Now, remember the general rule is that if it's on the bank statement, then it should be on our books. If it's not, we're going to have to add it to our books. When using bank feeds, that's what we're doing. We're adding the stuff coming through the bank to our books. However, if it's on our books and not on the bank statement, it's possible that there's nothing wrong there if we have a full service accounting system in which we're entering stuff on our side and then just matching it to the bank statement. So if that's the case, we could quite possibly have things that we knew about that the bank doesn't know about. Those would be the reconciling items.