quicken & reconciliations

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Quicken & Reconciliations. Updated October 2007 Campus Recreation. A “Take-off to Success” Guide. Entering Transactions in Quicken. Enter all transactions as they occur, with the correct transaction date. - PowerPoint PPT Presentation


  • Quicken & ReconciliationsUpdated October 2007Campus Recreation

  • A Take-off to Success Guide

  • Entering Transactions in QuickenEnter all transactions as they occur, with the correct transaction date.Think of Quicken as your checkbook register. When you go to HEB or Barnes & Noble and write a check or use your debit card, you enter it in your checkbook register so you can reconcile it and balance when you get your bank statement.The purpose of reconciliation is to make sure Quicken and the Statement of Account balance.

  • Sample Quicken entries.

  • Entering Transactions in QuickenUse the following codes when entering transactions:ENC = EncumbranceDIS = DisencumbrancePAY = Payment (for purchase order or VP2)TXFR = Transfer between accountsDEP = DepositPC = ProCard purchaseCBA = CBA Travel Card PurchaseGAS = Transmontaigne Fuel Card PurchaseCOR = CorrectionBF = Balance Forward (typically only in September)BOOK = Book 0200 (September only)BACK = Back 0299 (September only)REV = Reverse (September only)

  • Other Important CodesSAT = San Antonio International AirportIAH = Houston Intercontinental AirportLAS = Las Vegas / McCarran InternationalDFW = Dallas / Fort Worth InternationalCDG = Paris / Charles de Gaulle AirportLHR = London Heathrow Airport

    Ohyou wanted Quicken codes

  • Reconciliations: Getting StartedYoull need:Statement of AccountCalculatorRuler / straightedgeHighlighterQuicken file for that accountBack-up paperwork for the transactions on the Statement of Account

  • Back-up PaperworkOnly provide the back-up paperwork for transactions that have posted on the Statement of AccountOther paperwork needs to stay in the binder for that accountRecurring transactions (like Time Warner Cable, Plant Interscapes, etc.) may have the same amount each month. Check the service dates to make sure you include the correct paperwork with your packet

  • Checking Transactions in QuickenEven with the best intentions of entering (into Quicken) all transactions as they occur, sometimes we miss a transaction or two.Prior to reconciling, check to make sure that all transactions on the Statement of Account have been entered in Quicken.If something is missing in Quicken but appears on the Statement of Account, find out why it is missingit could be as simple as not knowing something postedor it could be an erroneous transactionthe transaction does need to be added to Quicken after you establish the validity and reasoning for the transaction

  • Ready to Go?

  • Sample Statement

  • The Reconciliation ProcessFind the Starting Balance (in Quicken)This is the Quicken balance after the last transaction in the previous monthFind the Ending Balance (in Quicken)This is the Quicken balance after the last transaction in the statement monthThrough this process, you are showing that the bank (Statement of Account) matches what your checkbook register (Quicken)

  • Finding Your Starting Balance

  • Starting Balance ExampleFor Octobers statement reconciliation (in November)Use the Quicken balance after the last transaction in SeptemberNov = Oct end balanceDec = Nov end balanceJan = Dec end balanceFeb = Jan end balanceMarch = Feb end balanceApril = March end balanceMay = April end balanceJune = May end balanceJuly = June end balanceAug = July end balance

  • Starting Balance ExceptionsFor Septembers statement reconciliation (in October)Use $0.00 as the Starting BalanceFor Thirteenth Month statement reconciliation (in September)Use the Quicken balance after the last transaction in July as the Starting Balance

  • Ending Balance ExampleFor Octobers statement reconciliation (in November)Use the Quicken balance after the last transaction in OctoberSept = Sept end balanceNov = Nov end balanceDec = Dec end balanceJan = Jan end balanceFeb = Feb end balanceMarch = March end balanceApril = April end balanceMay = May end balanceJune = June end balanceJuly = July end balanceAug = Aug end balance

  • Ending Balance ExceptionFor Thirteenth Month statement reconciliation (in September)Use the Quicken balance after the last transaction in August

  • Reconciliation StepsProceed once you haveChecked to make sure all transactions on the Statement are in QuickenFound the Starting BalanceFound the Ending Balance

    Click Reconcile on the Quicken screenFollow the prompts from the next screens.

  • Reconciliation StepsNote that the New Statement Ending Date must be the same date as the Statement of Accounts date.The New Statement Ending Date must not be todays date.

    Do not enter anything in Section 2 in the Statement Summary window.

  • Reconciliation StepsCheck off the transactions that have posted to the Statement of Account.The cleared balance on this screen should match the balance on the Statement of Account.Click Finished.

  • Balance AdjustmentIf there is outstanding activity, Quicken will try to help you balance with 1 or 2 balance adjustments.Keep this date as todays date.After completing the reconciliation, you will delete this adjustment.Using todays date helps you find the adjustment much easier.

  • Reconciliation StepsAdd title of account.Change Show Reconciliation to Bank Balance as of date to the Statement of Account date.Change Transactions to Include to All Transactions.Click the printer icon.

  • Reconciliation StepsSelect your printer (or go to Printer Setup if needed).Select landscape orientation (it is easier to read and keeps the page orientation the same as the Statement of Account).Select All in the Print Range.Click OK.

  • Reconciliation StepsYou can see where Quicken added the balance adjustment(s) to the account in Quicken.The balance adjustment(s) is/are included as reconciled / cleared transactions.A later step will show you how to delete the balance adjustment(s).

  • Balancing Your ReconciliationFind Ending Balance of Bank Statement on Page 1 of the Reconciliation Summary.Find Total Uncleared Transactions at the bottom of the Uncleared Transaction Detail up to (Statement Date) and highlight it.If this number is positive, you will subtract it in the next step.If this number is negative, you will add it in the next step.

  • Balancing Your ReconciliationAdd/Subtract (as appropriate) the Total Uncleared Transactions figure to the Ending Balance of Bank Statement figure.The total amount should match the free balance on the Statement of Account.If it is correct, highlight the total.

  • If the Reconciliation Doesnt BalanceDid you use the statement date as the balance to the bank date? (It should not be any date except the statement date.)Did you use the correct starting balance?Did you use the correct ending balance?Do any transactions in Quicken that you cleared have transaction dates after the statement date?Was a transaction entered as a debit when it was a credit (or vice versa)?Did you clear a transaction by mistake?You will need to unreconcile transactions that you just cleared and re-do the reconciliation.

  • What Do I Do Now?Delete the balance adjustment(s) that was/were just added in QuickenFind the appropriate back-up paperwork in the binder for this account.Only include paperwork for transactions on the statement.If paperwork is missing, contact the staff member responsible for that account (who spends from it) and/or the requestor for that purchase.

  • What Is Appropriate Paperwork?Department copy of the Purchase OrderCover sheets from DEFINE forVP2sVP5sVE5s & VE6sVT2s & VT5sTelephone bill from Telephone ServicesCopy of bill from mobile phone providerCopies of bills from vendorsCopies of OV1s for hourly employee payrollCopies of Deposit Transmittal FormsOthers?

  • Submit Your ReconciliationCreate a packet:Statement of AccountReconciliation Report (all pages)Back-up paperworkHighlight the balance on the Statement of Account Mark your name as the Reconciler and the date.Submit the packet to your reviewer for their review, signature and date.

  • Your reconciliation is complete.Congratulations!