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Quickbooks online bank reconciliation information

I can't work it out

I've acquired a new client, using QB online, so have been obliged to spend hours and hours working out how to do things and blundering about as this is my first time with QB. I really don't understand how to rectify my error on a bank rec. While trying to reallocate a sales receipt I deleted it. That obviously put my reconciled amount out as this was an old item. I reinput the receipt and allocated it to the correct account but can't find out how to sort the reconciliation. I've pressed all sorts of buttons and got nowhere. I could call the people on the helpline, but A they've gone home and B, they'll just insist on logging into my computer, simply because they aren't experienced enough themselves to understand what my problem is. I don't want them logging in any more. I've wasted too much time trying to find help with their many videos. Unfortunately these only seem to address surface issues and assume no-one will ever do anything wrong. Is there a decent book that will actually explain this or are the manuals similarly hopeless when you need them?

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By Matrix
19th Oct 2018 17:55

I feel your pain, I gained a new client on QB and decided to input a year into FreeAgent rather than figure out what to do on QB. So sorry I can't help but other more experienced users may be able to help.

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19th Oct 2018 18:12

I joining the club here. Just the other day, our fairly new client shared access with me so we can process his expenses during the payroll run.
As I was not able to simply ignore the mess with his posting, I decided to spend an hour of my nonchargeable time to sort this out. Despite just being there only 30-40 transactions I couldn't agree the QB bank balance to the feed balance.

A day later... client is now using Xero, the bank agreed, all jolly good. Another 3 partners points, client happy too.

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19th Oct 2018 20:39

And there was I thinking I was very stupid. Your replies have cheered me up. I have spent hours and hours on this one. I did finally manage to sort out my bank rec half an hour ago.
I would now like to know how to reallocate receipts and payments easily.
I also spent hours and hours learning Xero, but it does seem much easier to learn than QB. But I would say that, wouldn't I.

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to Moonbeam
19th Oct 2018 20:47

2008/2015/2017/2018 - unlucky instances when I had to deal with QB - the interface looks better each time but it's still the same s..t

they marketing is great though!

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By LJCASE
20th Oct 2018 13:05

Quickbooks are pushing their wares on TV, radio etc etc Unfortunately a couple of my clients have fallen for the hype and left my tender care thinking that they can do it themselves as that is what they have been told by both HMRC and Quickbooks.
If I've heard that 'you dont have to do much - it all balances - Sage (or whatever) has done it for you' I must have heard it a million times.
Of course it does if the balance is £5K in the suspense account!
Your comment is exactly the objection to MTD "unfortunately these only seem to address surface issues and assume no-one will ever do anything wrong". But clients using such software wont know they are doing anything wrong and really wont care. They dont appreciate your spending hours getting it right as they think the software is correct especially if your figs result in an increase in profit/tax.
But all software has its problems. I use Clearbooks but learning their system has not been a walk in the park!

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22nd Oct 2018 20:15

i use and like QBO its very impressive but it is a different mindset for many professionals. i dont have a problem reconciling even where an event as you describe has occurred. you have choices either you can mark the transaction as reconciled or redo it now when the unrecd transaction will show up any probs pm me. Nick

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to carnmores
23rd Oct 2018 08:51

It's good to hear from someone who likes QBO. I need to be able to feel as confident about using it as I do with Sage or Xero.
Thank you for your offer, Nick - I shall pm you one or two questions in the next week or so.

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to carnmores
23rd Oct 2018 11:34

Hi carnmores. As you may have seen I have just posted a contribution to the QBO bank rec question. In view of my concerns I am particularly interested to hear that you like QBO and find it impressive and that it requires a different mindset. I am keen to get on with these new technologies and happy to adapt mindset - which is why I was asking about a conversion course. How did you adapt, and especially how do you get on with audit trails? I am not, and never have been an auditor; my desire to straighten this out is entirely practical - I want and need to understand what the software is doing and where figures come from - surely a fundamental requirement from a business management viewpoint (completely aside from and regardless of any regulatory requirements).

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22nd Oct 2018 20:18

one of the drawbacks of AI (sic) is that bank feeds and sunsequent categorisation often takes place without much thought especially from the inexperienced user so problems can mount up very quickly

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23rd Oct 2018 11:35

I find this discussion/topic v interesting. Two of the respondents above (kettering, and LJCASE) have already kindly responded to my post on 19th Oct ("QuickBooks Online conversion course for accountant") in which I expressed my concerns about QBO and provided a highly specific and verifiable example. I too am new to these online applications aimed at business owners, so to be fair I appreciate there will be a learning curve; but my concerns with both of those with which I have engaged are similar and fundamentally boil down to either the absence of an audit trail or, if a trail exists, it must be unintuitive and I cannot see how to access it. Now, if micro-businesses want to take their life in their hands and go down these routes that is their affair and I wish them luck. But what I find hard to understand is, now that these established cloud providers are aiming at and/or being taken up by SME companies do they really comply with accounting standards, best practice and indeed the Companies Act requirements for proper accounting records? I don't see how they can, given the (apparent) absence of an audit trail, and therefore unverifiable figures. I am also surprised that HMRC would be satisfied. Is everyone turning a blind eye, or am I missing something / out of touch? There is one fact from which I draw comfort and hope, and that is to arrive at numerical answers the software must have performed calculations - "all" the software providers now have to do is to record and make accessible the stages in those calculations and then we will have an audit trail. Is this fair, or have I lost the plot!? Any comments gratefully received.

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to Graham Pears
23rd Oct 2018 11:45

My goodness you are picky , your comment 'do they really comply with accounting standards, best practice and indeed the Companies Act requirements for proper accounting records?' is a wonderful piece of conflationary drama. These are the underlying records not the financial statements. ANYWAY look at the audit log report which shows entries and changes made by each user that is more than sufficient imo.

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to carnmores
23rd Oct 2018 12:29

Ha - thanks, really. This shows the value of asking a community - at the risk of displaying your ignorance you can, sometimes, get your question answered, and quickly, by someone who is competent to answer it! Learning curve. I have had comments that certain software is not worth bothering with, in so many words, which is not very helpful if it is not true; so it is a breath of fresh air when someone can actually affirm that an offering is worth investing (time) in. Actually I have now also just discovered a tab at the foot of the sales invoice, "More", which displays a full and proper breakdown of the invoice posting - which is perfect. So now I will persevere. (btw, this IS a fundamental matter as the provenance of figures underpins everything.) So, thanks again. This was a lot more useful than my experience of phoning or emailing helplines etc.

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to Graham Pears
23rd Oct 2018 15:02

if it was me i am glad i could help. always look for the MORE link , it took me a while to cotton on as well. sometimes it out of sight if screen resolution does not show the whole page

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to carnmores
23rd Oct 2018 15:36

It was you carnmores - thanks. And as moonbeam alluded, it would really help if Intuit produced some decent content aimed at trained accountants rather than glib superficial videos saying how easy everything is and aimed at people without financial backgrounds.

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