Fastest and Easiest QuickBooks Bank Reconciliation, Credit Card Reconciliation, NO reconciliation

For the fastest and easiest QuickBooks, QuickBooks Online or QuickBooks Self Employed:

  1. Bank reconciliation
  2. Credit card reconciliation
  3. Automatic reconciliation
  4. NO reconciliation (never reconcile, always be reconciled)

Here are the fastest and easiest ways to speed up a bank reconciliation or credit card reconciliation:

  1. Link bank or credit card accounts for automatic entry download. This improves accuracy, saving professional accountant time (no entry of current entries). It also puts an automatic lightning symbol by downloaded items, for an almost AUTOMATIC RECONCILIATION. Most important, QuickBooks Online and QuickBooks Self Employed use a new Machine Learning function for downloads. It has automatic account assignments but is only right about 70% of the time (though using 10 million user entries to decide on accounts). However, it is 100% accurate, for future entries, if you or a professional accountant change them once.
  2. Check the top right button in the Reconcile screen (hide entries after reconciliation [bank statement] date).
  3. Get the FREE QuickBooks Online Accountant so you can see all prior reconciliations and get other time-saving features. All QuickBooks users are or soon will be professional accountants, who MAY want others as clients. This cuts QuickBooks subscriber and improves training and (later) knowledge.
  4. DO NOT check off each cleared entry. Check boxes to clear all deposits and all payments (the bottom center of entry boxes). Then uncheck the few entries not cleared.
  5. See the lower left summary (number of entries and amounts in QuickBooks vs. statement)
  6. Keep using this summary to find the difference:
  7. .. Balance receipts before payments (fewer items).
  8. .. Divide the difference by 2 or double it, for payment – deposit switch.
  9. .. Is the difference a multiple of 9? (transposition, such as 45 vs. 54 = 9, 37 vs 73 = 36, 37,000 vs 73,000 = 36,000)
  10. .. Is difference an even dollar amount? (ignore items with pennies)
  11. .. Does the difference have pennies? (ignore items with no pennies)
  12. Are entries more than 90 days old? (enter a contra amount with a reference to the old date and any check number. For example, enter a bogus deposit in the current (unreconciled) month, equal to the old payment. Then clear the old and the contra amount in the current reconciliation

We then use the QuickBooks Online Accountant to very quickly review QuickBooks Online and Self Employed entries. Many prior accounting programs made me suffer, so I still marvel at how fast QBOA lets us quickly find and correct QuickBooks Online errors.

Are your books behind, perhaps for years? THAT’S EASY TO FIX!

QuickBooks only imports data for three prior months. However, we have long been heavy users of a service that quickly imports data back to January 1, 2015! Banks only provide bank statements that far back, not detailed entries for QuickBooks. However, we quickly convert almost any bank statement to QuickBooks importable entries, saving us both time and money. The service uses completely secure READ-ONLY logins for bank and credit card accounts, so NO ONE CAN TAKE YOUR MONEY! To the contrary, it gives us daily copies of entries, checks, and deposit slips. They let us better assign entries to accounts and occasionally catch improper employee acts (my remote QuickBooks evidence first made a thief confess in 2001, even before we got this service). You may especially like the service because you can get all documents in well organized Dropbox or Google Drive folders, so you need not log in to many bank and credit card websites for balances and document review.

NO reconciliation (never reconcile, always be reconciled): THAT’S EASY TO FIX!

We often do this. We use our band and credit card import service, with our very advanced QuickBooks knowledge (see to do all or part of your reconciliation or complete bookkeeping. This lets you spend more time more productively, running and growing your business. You also save big on local bookkeeping costs, so SO PLEASE CONTACT LinkedIn Mike Block CPA or click

About the Author ()

Fastest, easiest, accurate, low-cost QuickBooks! Intuit - QuickBooks CEO, "You're fantastic Mike! Absolutely fantastic!" Tax fighting CPA.

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