How To Make An Adjustment Entry And Account Reconciliation Report With Quick Books

If a company bought a new piece of property for an expansion, the interest accrued on the 30 year loan would need to be adjusted. To record this, a person would have to go under the company tab on the home page then click the-Make Journal Entries-button. The pre-fill will need to have the date and Entry Number typed in, as well as the box signifying it an adjusting entry checked. Interest Expense will be at the first account and will need to be named and the amount entered, debit entry. To balance, another account is created to represent the accrued liability, credit entry. Same information will need to be entered on the second journal entry as on the first one.

An account reconciliation report will have all the transactions for that account, as well as dates, check numbers and amounts. With an account like a bank reconciliation, it is very useful to print a report and then compare it to your statements to make sure there are no errors and everything is being paid on time. Reconciliation also helps to safe guard against intentional errors or costly ones. To do this, click Reconcile in the banking section and then select the account at which you want to reconcile. Fill in the form with the date and amount and push enter. The account’s transactions will come up and each check or transaction can be compared.