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Old 04-14-2003, 07:03 PM
hortoristic hortoristic is offline
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Join Date: Apr 2003
Location: Washington
Posts: 1
1st Time Bank Reconcile - Download and Sync

Our bank allows us to sync of our QB with their registry by importing the bank file. When I did this - it created an account on QB and named it by my account number (I thought it might ask me what account to sync it to - but it automatically looked for an account with the name coinciding with the actual account number). It also only went back about to about December 1st - which was fine as I would imagine we want to start from Jan 1st. So it looks like I just need to go through all the transactions now and assign them to the appropriate categories and confirm the reconciliation.

The problem is we already had an account up and going on QB and we already have been accepting payments from our customers on this account. So the new account I have shows for example a deposit of $2,000 (downloaded from bank) - but the new account doesnít know to tie it into the 2 customers, one that paid $1,500 and the other $500 - whereas the old one did. Iím not sure if that is even really that important though as we manage what customers owe off of their statements.

Should we continue to try and use the new account, and go back to Jan 1st and put everything into itís categories and keep the customers payments from here on in forward or should we try to import the file into our existing account and try to match it up (which I think would be a mess as itís not very straight)?

I tried to find out on QB web site what new customers do that start in the middle of a year to match up their accounts - but couldnít find anything specific.
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  #2  
Old 04-16-2003, 04:39 PM
RobJoy RobJoy is offline
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Join Date: Mar 2003
Location: UK
Posts: 3,858
Ouch, what a mess.

First, you must now have a Balance Sheet which is wrong - two bank balances where there should be one, and lots of duplicated cheques and receipts. So you have to get rid of the duplicates one way or another.

This is going to require great care (and lots of backups), but I think you can fix things this way:

You need to keep your customers' payments and your suppliers' bill payments 'attached' to the customers and suppliers balances, otherwise your A/R and A/P are wrong. So delete the ones which you downloaded, one by one.

Now delete any other transactions from the downloaded account which you already had in the account you created.

Merge the two bank accounts: Go to the account list, edit the account you created first and change its name to the one that your (nasty) online procedure created. QB will now let you merge the accounts. Now you should be able to spot any duplicates you missed fairly easily by scanning down the register for the merged account.

Now you should be able to reconcile the account again.

Rather you than me.
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  #3  
Old 04-17-2003, 08:53 PM
ircinraq ircinraq is offline
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Join Date: Apr 2003
Location: Alaska
Posts: 102
Smile

This is just a "general comment" on QB.
1 Their advertising states that one need NOT be a bookkeeper to run the QB. This is utter Nonsense.
2 Their sole reason to say this is to sell more programs to the unsuspecting public.
3 As to their "remote banking and payroll" and all other gimmicks, is to generate more revenue for themselves, and leave a frustrated customer on the phone for hours at their own expense.
4 The Bank Reconciliation is good ONLY if one starts from the beginning. If one is to transfer from a different data-base or file, the books after the so-called reconciliation will NOT be accurate. The program CAN NOT account for checks written and outstanding at the time of conversion and puts the difference into an account, called Opening Balance Equity.
Just immagine the Balance sheet with this account under the Retained Earnings and try to explain to the auditors the source.
Your case in point is the downloading of Bank Statement.
The program runs well IF and only IF you do all the bookkeeping and don't venture into the "QB-VIA-INTERNET"- jungle.
BUT, if you can not set up and run a MANUAL-Bookkeeping system, you WILL have problems. It is like having a hammer and calling yourself a carpenter. QB, at the most, is a TOOL, a very fast one at that, and good BOOKKEEPING knowledge is essential.
I have SPOKEN. Peace be with you.
:-))

Last edited by ircinraq; 04-22-2003 at 11:16 PM.
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