Name__________________________________
Date_______________________________
QuickBooks Accountant 2012
Chapter 5—Bank Reconciliation
Remember—the QB files you will use throughout this textbook have already been restored from a portable
file to a working data file. Please ignore the textbook directions to restore a portable file throughout the book;
you will open the appropriate company file located in your “My QB Restored Files” folder.
Open BankRec-12.QBW to use throughout Chapter 5, complete the questions, and do each Computer
Practice as you come to them in the chapter.
Term
Bank Reconciliation
EFT
Voided Check
Stop Payment
NSF
Overhead
Interest Income
Interest Expense
Definition
Balancing the bank statement (record) for the checking account with the
accounting records (QB records)
Electronic Fund Transfer; making payments and receiving payment
electronically (example: online)
Check that will not clear the bank for some reason
Check that you asked the bank to stopped payment on.
Non –sufficient funds; not enough money in account to pay the check. AKA—
bounced check
operating expenses of the business; items that you must spend money on as a
result of running the business. Example: electricity, phone
Interest (money) paid on a bank account or investment
Interest (money)paid to a bank for borrowing money or for use of credit
1. Writing checks, __ __________________________________, ________________________________ and
__________________________________ are all recorded in QB.
2. Reconciling the accounting records with the bank records must be done ________________________. This
step ________________________________________________________
3. You can also reconcile ________________________________________ in QB.
4. Before reconciling the checking account in QB, make sure ______________________________________
Reconciling Bank Accounts
Do the Computer Practice, Pg. 138-143
5. You can sort the columns in the Reconcile—Checking window by
____________________________________________________________
6. Customize the Reconcile window (change what is displayed), click_______________________________.
Name__________________________________
7.
Date_______________________________
After checking off all cleared checks and deposits when reconciling, the difference should be ____
_________ indicating that _________________________________________________.
8. If the difference is not __________, do not click the _____________because it will cause discrepancies in
the accounting records.
Bank Reconciliation Reports
Do the Computer Practice, Pg. 144-145
9. QB bank reconciliation reports: 1)________________________________________________________
and 2) ______________________________________________________________________________
10. Bank reconciliations reports can be printed at any time. Go to the ________________________Menu,
select ____________________________________, and then select_____________________________.
11. To print reports on one page: 1) select ______________________________________ from the File Menu
2) select _________________________________ from the Printer setup window, 3) at bottom of screen
check _____________________________________________________________________________.
Finding Errors During Bank Reconciliation
Review the beginning balances:
Use the discrepancy report to find errors.
Locate and edit incorrectly recorded transactions
Voided check—check that will not clear the bank.
12. To void a check, double click ________________________________________, select ____
___________________, and select__________________________________.
When Your Customer’s Check Bounces (NSF)
13. NSF stands for _______________________________________________________, which means
that_______________________________________________________________________________.
Do the Computer Practice, Pg. 149-153
NSF charged by the bank:
create an Other Charge Item called NSF Charge, which will be linked to the
Bank Service Charge account (expense). Businesses usually charge the NSF charge to the customer, so an
INVOICE is then created for the NSF charge. When an NSF charge is billed to a customer through the invoice,
this amount will reduce the Bank Service Charge account (expense) behind the screen in QB.
Receiving and Depositing the Replacement Check
Name__________________________________
Date_______________________________
Do the Computer Practice, Pg. 153-154
Reconciling Credit Card Accounts and Paying the Bill
If you use a credit card liability account to track the company’s use of credit card charges and payments, you
should reconcile the account every month using the same process for the bank account.
Do the Computer Practice, Pg. 156-158
Online Banking
14. Online banking process allows you to _________________________________________________
and download ____________________________________________________________________.
15. Online bank must be setup procedures vary by institution; refer to the QB ___________________________
or________________________________________________.
Review Questions
1. When the Beginning Balance field on the Begin Reconciliation window doesn’t match the beginning
balance on the bank statement, you should:
A. Call the bank
B. Change the amount in QuickBooks to match the bank’s amount
C. Click Locate Discrepancies in the Begin Reconciliation window. Click Discrepancy Report
and/or Previous Reports to research what has been changed since the last reconciliation. Then
fix the problem before reconciling.
D. Select the Banking menu and then select Enter Statement Charges
2. Which statement is false?
A. You can enter bank service charges using Enter Statement Charges
B. You can enter bank service charges on the Begin Reconciliation window
C. You can enter bank service charges using the Splits button on a register transaction
D. You can enter bank service charges using Write Checks before you start your reconciliation
3. When you find an erroneous amount on a transaction while reconciling, correct the amount by:
A. Selecting the Banking menu and then selecting Correct Error
B. Double-clicking on the entry and changing the amount on the transaction
C. Selecting the entry in the Reconcile window, then clicking Go To and changing the amount on
the transaction
D. Performing either B or C
4. To properly record a voided check from a closed accounting period:
A. Delete the check in the register
B. Make a deposit in the current period and code it to the same account as the original check you
want to void. Then delete both transaction in the Reconciliation window
C. Find the check in the register, select the Edit Menu, and then select Void Check
D. Change the amount of the check to zero
5. Which of the following columns cannot be displayed in the Checks and Payments sections of the
Reconcile window?
A. Check #
B. Class
C. Date
D. Payee
Name__________________________________
Date_______________________________
Do BankRec-12Problem1, pages 161-162. Type your name on all printouts before printing. Attach all
printouts to the study guide.