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Adjust For The Difference In Your Bank Reconciliation (QuickBooks Online)

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How to adjust your bank reconciliation in QuickBooks Online ?
Bank Reconciliation fails happen all the time. You need to adjust for the difference because QuickBooks online says you can’t finish reconciling because you can’t find the difference. So, this tutorial will show you how to “force it to fit” with an adjustment. There are only 2 reasons to adjust a bank reconciliation at the end.
This video is for the nonlegitimate reason to adjust a bank rec, you simply cannot find the difference, so you need to adjust and move on with your life. The account that records the adjustment that will force the current bank rec to work is called the “reconciliation discrepancies”. Of course, if it is for a large amount then you cannot. But you will see why many people do it because sometimes an immaterial difference in your bank rec is not worth thousands of dollars to keep looking and lose time. However, it really does mean that there is a past mistake somewhere but once it’s adjusted for, it will no longer matter.

Table Of Contents:
00:00 Introduction To Adjusting The Bank Rec
01:57 The Materiality Principal
03:18 What Happens When You Adjust A Bank Reconciliation?
04:58 The Reconciliation Discrepancies Account
05:50 How To Follow Along With Me StepByStep
07:21 Starting The Practical Exercise
12:18 Making The Adjustment
15: Finding The Adjustment Results

I have another video that shows the legitimate reason to adjust; it’s called a “beginning balance adjustment” and the link to that video is here….

   • First Month Bank Rec Procedures Begin...  
Here’s the full course on Bank Reconciliation that you can watch in Proper order…………….

   • QuickBooks What Is Bank Reconciliatio...  

You will need the materials to follow stepbystep
Link To Original Bank Statements…………….. https://marksmolen.com/ACCOUNTING/BAN...


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#bankreconciliation #Bankrecfails #bankrecadjustment

posted by valachmt