How to Balance a Bank Account in QuickBooks?

by James Antonio

In this module we will learn about how we can balance a bank account in QB accounting software.

Balancing a bank account is extremely easy in QuickBooks. In fact, if you come across with any problems, they are speedy to resolve it well, sloppy record-keeping that preceded your use of QuickBooks.

Balance a Bank Account in QuickBooks

How to Give QuickBooks information from the Bank Statement?

During the balancing of the account, as we are already aware, we made a comparison between the records of a bank account and the bank’s records of the same account. Once the reconciliation is done we should be able to explain any difference between the two accounts – usually by pointing to checks you wrote which haven’t yet cleared.

In the initial step, you are required to supply QuickBooks the bank’s account information. You can acquire all this information from your monthly statement. You need to furnish all the information to QuickBooks accounting software according the requirement. As showing in the below screenshot:

Step 1: In the initial step we need to select Banking → Reconcile or click the Reconcile icon on the Home screen.
A new dialogue box will appear which is known as begin Reconciliation as showing below:

You are required to make a selection between the accounts you want to reconcile in case of multiple accounts.

Step 2: If the account showing is the different one from the one you are required to reconcile then you need to open the account list and select the correct account.

Step 3: Enter the bank statement date into the Statement Date text box.

You can adjust a date one day at a time by using the plus (+) and minus (–) keys. Also, you can click the Calendar button in the right- hand side of the Statement Date text box to select a required date from the date menu/calendar.

Step 4: Verify the bank statement opening balance.

QuickBooks shows an amount in the starting balance text box.

Step 5: Enter the ending balance from your bank statement into the Ending Balance text box.

Step 6: Enter the bank’s service charge.

In case you have not entered the service charge which is showing in the bank statement, you are required to motion the cursor to the Service Charge text box & type the amount.

Step 7: In this step, for the service charge transaction we need to put the transaction date.

QuickBooks automatically make an addition of one month to the service charge date from the last time reconciliation happened. If there is any discrepancy in the date selected by QB we can make the correction and type the correct date.

Step 8: Assign the bank’s service charge to an account.

In the first accounting text box you are required to enter the expense account to which you assign bank service charges. The one next to the Date text box. We are required to activate the drop-down list by selecting the down arrow option, after that just highlight the category by using the arrow keys, and then press Enter.

Step 9: Enter the account’s interest income.

If there is any interest you have earned to the particular month and didn’t make the entry for the transaction, then you are required to make the entry for this, type an amount in the Interest Earned text box to complete this step.

Step 10: For the interest income transaction you are required to enter a transaction date.

Step 11: Assign the interest to an account.

In the next Account text box, you are required to enter the account to which this accounting interest needs to be allocated.

Step 12: Click the Continue button.

QuickBooks displays the Reconcile window.

How to Mark the Cleared Checks and Deposits?

Now, let’s learn how to mark the cleared checks and deposits: You are required to tell the QuickBooks which checks and deposits have evacuated from the reconcile window. To complete this task, below-mentioned steps are required to follow:

Step 1: In the initial step, we are required to identify the first deposit that has cleared.

Step 2: Later in the second step, we need to mark the first cleared deposit as cleared. You need to review the entries mentioned in the deposits & other credits part of the Reconcile window, you need to find the deposit, & then click it. We can also highlight the deposit by using the arrow key or the Tab function and then pressing the space key. QuickBooks creates a check mark sign in front of the deposit to mark it as cleared & updates the cleared statement balance.

Step 3: After that we are required to record any cleared but missing deposits in third step.

If you cannot get the deposit option in the Reconcile window, you have not entered it into the register yet. Shut or deactivate the Reconcile window by clicking the Leave option & later, you are required to enter the deposit in the register in the regular way.

To return to the Reconcile window, either reopen it or reactivate it Or else you can just select Banking → Make Deposits & open the deposit screen right on top of the Reconcile window, if you like. Once, the deposit is recorded you are required to click the Save & Close button. Whenever you open the Reconcile window once again, the deposit shows in the Deposits & Other Credits area.

Step 4: We are required to repeat Steps 1–3 for all the listed deposits in the bank statement.

You must ensure that the amount of deposits is correct and dates are also matched. If the dates and amount are mismatch or not correct you are required to go back to the transactions and correct it. Once the above steps are done and you need to extract the transaction, you need to click the Go-To button after that the window where entries were made originally. Make the rectification Save it.

Step 5: Identify the first check that has cleared. You are required to find the withdrawal or first check registered on the bank statement.

QuickBooks provides the facility for us that we can sort the transactions listed on the Reconcile window by clicking the column headings under the Checks and Payments parts & in the Deposits & Other Credits section.

Step 6: We are required to mark the first cleared check as cleared.

Twirl through the transactions listed under the Checks and Payments head of the Reconcile window, you are required to discover the first check; & then click it. There is an option which will help you to highlight the entry by pressing tab & arrow key. Then click on the space key. QuickBooks place a check mark to tag this transaction as cleared & also updates the cleared statement balance.

Step 7: Record any missing but cleared checks.

What happens if we cannot find a withdrawal or check in QuickBooks? If one has not entered the transactions in the register. Make disable the Reconcile window by clicking its Leave button or by choosing the activation of another window. You are required to show register & enter the withdrawal or check.

And lastly in step 8, just repeat the Steps 5–7 for all withdrawals listed on the bank statement.


Need Some One on One QuickBooks Assistance?


Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Error Free

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

On-time Support

We provide round the clock technical assistance with an assurance of resolving any issues within minimum turnaround time.

Pricing

img

Importer, Exporter & Deleter

*See our Pricing for up to 3 Company Files

$199/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Unlimited Export
  • Unlimited Import
  • Unlimited Delete

img

Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer,Exporter,Deleter
  • Unlimited Users
  • Unlimited Records
  • Upto 10 companies

img

Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

img

Accountant Premium

*See our Pricing for up to 50 Company Files.

$1999/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 50 companies

Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

Call Now +1-800-689-5491
Dancing Number

Kindly Provide The Following Information To Download The Dancing Numbers.

X





    Top