QuickBooks
Edition - Issue 9.07
July 28,
2010
In this issue:
Tips and Tricks
Ask the Expert - Bank Reconciliation
Issue
Bank Reconciliation Doesn't Match Balance Sheet
Q - Each month I print my bank reconcilation reports for the file
and the Balance Sheet, and everything matches. My Accountant just
came in to review the past six months of activity and when we create
the Balance Sheet now, the amounts do not match the bank reconciliation
reports - for any of the months! How do I explain this?
A - The short answer is that something (or several entries) have
changed.Typically this happens when additional transactions are
back dated into the prior period after the reconcilation reports
are run. Or that an outstanding check is voided from the previous
period. If you are using Premier or QuickBooks Enterprise Solutions
the easiest way to find the change is:
1. Create a reconcilation report for comparison purposes: Choose
Reports > Banking > Previous Reconcilation > Choose the
Account > Detail > Transactions cleared plus any changes made
to those transactions since the reconciliation.
2. By comparing this current report with the report that was printed
at the time of the reconcilation (or you can also print the PDF
of the transactions cleared at the time of the reconcilation if
you did not print it at the time) the changes will become obvious.
3. To further understand what happened, choose Reports > Accountant
and Taxes > Audit Trail and modify the report for the changed
or new transaction. This will provide the date and time of any changes
to the transaction including who made the change. What you should
notice is that the date and time is later than that on the reconcilation
report that was original printed, hence the difference.
QuickBooks Integrated Application
Solution - Fishbowl Inventory
Most of you know I have been an advocate for the Intuit developer
community since before the Intuit Developer Network was even established
almost a decade ago. I love the fact that we can provide solutions
that work for the client while still keeping them happy and productive
with QuickBooks. To that end, this is a new section of the newsletter
specifically designed to highlight an application and provide information
as to how they are a real world solution for a client pain point.
Multiple warehouses, separate pick-pack-ship processes, choices
for costing methods, tracking for serial number/lot number/expiration
date, and much more. These are just a few of the reasons why clients
choose to use Fishbowl Inventory rather than the inventory features
in QuickBooks alone. Next week is the Fishbowl Inventory Preferred
VAR Conference and Ed Nagayama, our resident expert, will be attending.
If you have any feedback about Fishbowl Inventory, or if you would
like to learn more about how it might provide the more feature rich
solution that you or your clients need, please click on the link
below to contact us. We would love to hear your thoughts and/or
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About Us
McWilliams and Associates can help you keep pace with all your QuickBooks clients. Through many self-service options on our website www.4luvofbiz.com, group settings like seminars and tele-classes, or one-on-one services, we help you quickly and painlessly navigate through the obstacle course of QuickBooks and related add-ons. Our clients are primarily from all over the United States with 95% of our work being done remotely with other Accountants and Pro Advisors, or with their clients if they prefer. We do not do any income tax work or financial statements so there is never a conflict of interest. Most of our QuickBooks consulting clients need 2-6 hours with us to deal with a specific issue, transition, or just for those occassional questions that come up.
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