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Help me understand the basics please

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  • Help me understand the basics please


    Quickbooks newbie here. I usually use Xero and am a bit confused with the bank rec process in QB.

    When I'm doing VAT returns for clients in Xero I often upload the bank statements rather than use a bank feed. I then match everything off as being paid and the bank balance matches the balance in Xero. Reconciled, job done.

    However, when I upload bank statements in QB the bank balance doesn't update, even after all the transactions are paid and the account is reconciled........the bank balance still shows as 0.00. What's the deal with this? Does the bank balance only update if using a bank feed? Some of my clients just give me paper bank statements which I convert to Excel and upload. Will these clients always have a bank balance of 0.00 in QB? Obviously the 'in Quickbooks' balance for the bank is correct for these clients.

    Last edited by do224; 04-21-2020, 08:49 AM.