QuickBooks Payroll Bank Reconciliation

If you are looking to manage your accounting and financial requirement of your business then QuickBooks can be the best solution for you. It is an accounting software developed by Intuit to make business tasks easier for small and mid size business organizations. QuickBooks Payroll is a version of QuickBooks is used for calculating payroll and taxes. Payroll and tax management is a complex and tedious task of any business organizations. This software makes Payroll and taxes calculation very easier. Users can now manage and resolve all kind of accounting task, like calculating taxes, sending bills and invoices, creating paychecks, cash flow management, etc with the help of QuickBooks Payroll software.

QuickBooks Payroll has many advanced features which have made it popular among the small and midsize business organization. One such feature is Reconcile.  Here we are going to discuss QuickBooks Payroll Bank Reconciliation. If you have any query or doubt about payroll bank reconciliation, you can get in touch with QuickBooks Payroll Technical Support Number +1888-529-1015.

To understand the cash flow of a business it is necessary to know the importance of reconciliation. QuickBooks Payroll Bank Reconciliation is a process of managing payroll account in your QuickBooks Software.

When To Reconcile QuickBooks Payroll At Quarter End?

The below table will show you the time when you can reconcile payroll at the quarter end:

Quarter Period When To Reconcile
1 Jan – Mar Apr
2 Apr – Jun Jul
3 Jul – Sep Oct
4 Oct – Dec Jan

How To Review Total In QuickBooks Payroll?

You have to follow the below steps to find out the preview total in QuickBooks Payroll :

  • Open QuickBooks Payroll software and click Reports from the left navigation bar.
  • Now click on the Payroll Details Report tab.
  • Click on Date Range to choose the Quarter which you want to reconcile.
  • Choose Summary by Employee from the Employee drop-down list.
  • Now click on the Run Report button. The total of each employee for that quarter will display on the screen.
  • Next, view all employees and verify all wages.

Remember:  Consider the below points:

  • Ensure all wages are mentioned.
  • Make sure that all employees are listed.
  • Verify if you dated all paychecks the day the funds became available to the employee.
  • Verify if there is any lost or failed direct deposit paycheck.

How To Review Deduction In QuickBooks Payroll?

  • Open QuickBooks Payroll software and click Reports from the left navigation bar.
  • Now click on Payroll Deduction/Contribution Report tab.
  • Click on Date Range to choose the Quarter which you want to reconcile.
  • Now click on the Run Report button. The total of each employee for that quarter will display on the screen.
  • Now go through all employees to check all deduction and /or contribution.

Remember:  Consider the below points:

  • Make sure that all the deductions and contributions are present.
  • No employee is left out.
  • Verify the totals.

How To Provide The Tax and Wage Totals Report To Your Accountant?

If your accountant is reconciling your books on a quarterly basis then you can show him the following report:

  • Open QuickBooks Payroll and on the left side of the menu, click Reports.
  • Select the Payroll Tax and Wage Summary report
  • Click on Date Range to choose the Quarter which you want to reconcile.
  • Now click on the Run Report button. The total of each employee for that quarter will display on the screen.
  • Click on Printer-Friendly version link on the top to provide a copy of this report to your accountant

Remember:  Consider the below points:

  • The above report shows the company totals.
  • The company totals and employees totals may not match due to, if any, adjustment made to the tax liability at the company level.
  • Total Wages means total gross wages paid in the quarter.
  • Excess Wages means wages exceeding the tax type’s wage base.
  • Taxable Wages are the difference between Total Wages and Excess Wages.

Need Any Help? Contact The QuickBooks ProAdvisors

Technical Support For QuickBooks Payroll Bank Reconciliation

Hopefully, with the help of the above methods, you can reconcile your QuickBooks Payroll. In case, if you need any assistance you can connect to QuickBooks Customer Support Number +1888-529-1015. You can directly contact on QuickBooks Chat Support. Our executives are working round the clock to assist you in resolving QuickBooks issues.

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QuickBooks Bank Reconciliation

QuickBooks is important accounting software which has many tools to make your work easier and smoother.  With the help of QuickBooks, users can organize the details and database of their transactions very efficiently. QuickBooks has so many advanced features which have made it popular among small and midsize business organization. One such feature is Reconcile. To understand the cash flow of a business it is necessary to know the importance of bank reconciliation.

QuickBooks Bank Reconciliation

QuickBooks Bank Reconciliation is a process of matching the transactions of your bank account with your QuickBooks account. Here we are going to discuss the importance of Bank Reconciliation in QuickBooks. For more information, you can also get in touch with QuickBooks Customer Service Number +1888-529-1015

Benefits of Reconciliation Of Your Bank Accounts In QuickBooks

The benefits if QuickBooks Bank Reconciliation is mentioned below:

  • All transactions on the bank statement get recorded in QuickBooks
  • All of the reconciled transactions are marked in QuickBooks as cleared.
  • You are able to run bank reconciliation reports that will provide the details of the items that have cleared the bank and those that remain outstanding (unclear).
  • Your financial statement such as the profit & loss statement and the balance sheet is advanced.

Reconciliation of bank account in QuickBooks is the only method to ensure that all of the transactions that occurred actually got recorded in QuickBooks. Each of the month You have to reconcile your bank account, credit card, loan, line of credit and all other liability accounts. Any account which has monthly statement can be reconciled.

Why is Reconciliation important in QuickBooks Account?

It is important because a daily review of bank account keep you away from many problems. Some of the benefits are mentioned below:

  • Bank Reconciliation allows you to catch any kind of fraud.
  • It tracks unapproved transaction or transfer from the account
  • It keeps track of outstanding checks.
  • Helps in catching bank errors.
  • It prevents bank fees for insufficient funds.
  • It tells you the amount that is left in your account.

When To Reconcile?

It is recommended that you should reconcile your account at least monthly. For a large business organization, it advised reconciling as often as possible to avoid any kind of fraud or error. It is a best practice the reconcile when you receive a monthly statement of your bank or credit card statement as the QuickBooks balance will always match the bank or credit card balance.

Reach For Technical Support

Hope, you know the benefit of bank reconciles now. If you need Intuit QuickBooks Support Services and help, you can call directly on QuickBooks Tech Support Number +1888-529-1015. Our technical advisors will resolve your QuickBooks errors and issues in quick time.

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