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Bank Reconciliation Tips & Tricks for Version 2002
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Bank Reconciliation Tips & Tricks for Version 2002

By Douglas Sleeter and Joe Woodard

This article addresses special issues regarding the setup and troubleshooting of the bank reconciliation feature in QuickBooks 2002. For detailed instructions on the general use of the Bank Reconciliation feature, see Introduction to QuickBooks by Douglas Sleeter.

Some Interesting Facts about Bank Reconciliations in QuickBooks 2002:

In QuickBooks 2002 the reconciliation date is stored with each transaction, allowing QuickBooks to create special reports based on that date. You can access the reports from both the reconciliation screen and the reports menu. You can create summary and detail reconciliation reports in QuickBooks 2002.

In previous versions of QuickBooks you could only create a report for the most recent bank reconciliation, but QuickBooks Premier and Premier:Accountant Edition allow you to view the details of any bank reconciliation performed during the life of the file.

When upgrading from a previous version of QuickBooks, QuickBooks 2002 creates a single bank reconciliation report that is a composite of all previously cleared transactions. QuickBooks uses the date of the most recent cleared transaction as the statement ending date.

When you manually clear a transaction in the account register, QuickBooks 2002 does not consider that transaction to be reconciled until you reconcile the account using the Bank Reconciliation feature.

QuickBooks 2002 Premier and Premier:Accountant Edition include a special ”Reconcile Discrepancy” report that shows changes to reconciled transactions. See Figure 1.

Intuit made critical changes to the Reconciliation reports in QuickBooks 2002 with Release 2. Update QuickBooks on your computer as soon as possible if you use the Bank Reconciliation feature.

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Company: Evelyn w. Golosow CPA
Address: 1777 S. Harrison St., Suite P307
city/st/zip: Denver, CO 80210
phone: 303-753-1133
fax: 303-753-6686
email: evietax@golosow.com evietax@golosow.com

Evelyn Golosow (Evie to everyone who knows her) began her career as a CPA with Coopers & Lybrand in 1981, after receiving her Masters in Taxation degree from the University of Denver. In 1985 she moved to a large local firm, and finally began her own firm in 1990. Her firm specializes in taxation for businesses and individuals, with a focus on helping closely held businesses and their owners make profitable and tax-smart decisions. Evie has been an enthusiastic user of QuickBooks since Version 4 and has been a Certified QuickBooks Professional Advisor since the ProAdvisor program began. She is also one of the earliest members of the Sleeter Group Consultants Network.
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