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Performing a reconciliation of your Quickbooks account is necessary to identify any potential typos, errors or miscalculations. No matter hard you try to prevent it, errors are bound to happen when you are performing accounting work in Quickbooks. Thankfully, reconciling your account will identify such errors, allowing you to get your account back in order. Once you’ve identified a discrepancy, though, you’ll then need to fix it. In this post, we’re going to cover the basic steps on how to fix reconciliation discrepancies in Quickbooks.

Run a Reconciliation Report

The first step in fixing a discrepancy is to run a reconciliation report. Doing so will reveal any and all transactions from the last statement up until now that were modified. To perform a reconciliation report, click on “Reports,” “Banking” and “Reconciliation Discrepancy.” You should now have a list of all your accounts. Select the one in question to see all of the recent transaction modifications. Go over each and every transaction to identify which one is incorrect. Depending on the size of your account, this may or may not be an easy process. However, it’s imperative that you carefully analyze these transactions to identify which one is the cause of your discrepancy.

Missing Transactions

Another instance when reconciliation discrepancies occur is from missing transactions. If you or someone else overlooked a specific transaction, your entire Quickbooks account will be thrown out of order. As a result, a discrepancy will appear when you run a reconciliation report. To identify missing transactions, select “Reports,” “Banking,” “Missing Checks,” and then enter in the amount of the transaction (as shown in the discrepancy).

Changed Transactions

Modifying transactions in your account can also cause a reconciliation discrepancy. At the top navigation bar, select “Reports” and “Custom Transaction Detailed Report.” You can then modify the report to better identify which changed transaction is causing the discrepancy. Start by adjusting the start and end date according to when the discrepancy occurred. Next, select the appropriate account along with the amount and select “Run.” This will run a report for changed transactions that may have caused the discrepancy in your reconciliation.

Fixing a reconciliation discrepancy isn’t always an easy task. If you don’t know when or where the error occurred, you may have to do some digging to find it. However, following the steps listed here will help you identify and fix the discrepancy in a timely manner.

With its clean interface and countless number of different features, Quickbooks makes business accounting of any size a breeze. Perhaps this is why it remains the world’s leading choice of business accounting software. One of the many useful features it offers is the ability to export account data into a CSV file. As you may already know, CSV is a basic text file with entries separated by commas. The extension CSV actually stands for “comma separated value.” In this post, we’re going to cover the basic steps of exporting data into a CSV file.

Exporting Customer Data

Exporting customer data into a convenient CSV format should only take a few minutes to complete. Start by clicking on the appropriate center containing the customer data you wish to export. You should now see a dropdown box at the top of the screen. Click on the dropdown box and select “Export Customer List.” After selecting Export Customer List, you’ll be given a few different options — you can either add a new worksheet, update a current worksheet, or export to CSV format. Assuming you wish to export this data into CSV, select the last option and click the “Export” button. Select the desired location for your new CSV file and voila, you’ve just exported your customer data!

Exporting Items

Exporting Quickbooks items into CSV format requires a slightly different approach; however, it’s still straightforward and should only take you a few minutes. When you are ready to begin, Choose “Lists” followed by “Item Lists” from your Quickbooks home page. Go back to the dropdown box at the top of the screen and scroll through the available options until you come across “Export All Items.” Select this option and choose CSV format. You can now specify where exactly you wish to export the file, whether it’s on your hard drive, USB flash drive, etc..

Following the steps listed here will allow you to export Quickbooks data into convenient CSV format. Whether you are an experienced Quickbooks user or not, exporting into CSV format is quick and easy. Just open up the desired customer, vendor or item and select “Export” from the dropdown box. If you prefer to use an Excel format rather than CSV, Quickbooks will give you this option as well. Just remember to only choose Excel format if you have a program that’s capable of opening it; otherwise, you won’t be able to read the data.

Whether your business is small, large or anywhere in between, you’ll likely come upon a scenario where a check needs to be voided. Quickbooks makes creating checks a quick and easy process that only takes a couple of minutes. However, voided an already created check can be a bit more difficult, especially if you’ve never done it before. If you are still trying to figure this process out, keep reading to learn the steps to voiding a check.

Void or Delete?

Contrary to what some people may believe, voiding does not perform the same functions as deleting. Before performing either one of these actions in your Quickbooks account, it’s important that you fully understand the differences between them. Deleting check will not only prevent the transaction from going through, but it will also erase all of the data associated with it. On the other hand, voiding a check will prevent the transaction from going through while leaving all of the data (client name, date, account number, etc.) intact.

Voiding a Check

To void an already created check, fire up Quickbooks and select the “Banking” menu. From here, click on “Use Register” followed by choosing the appropriate account. This should pull the account tied to the specific check in question. Scroll through all of the checks until you find the one that needs voiding. After opening up the check, you should see an “Edit” button — click it. Along with numerous other options, a “Void” button will appear. Simply click the “Void” button and your check will cease to exist. Any transaction attempts using this check will be returned.

Remember, though, just because a check is void doesn’t mean the client’s details are gone.  The check number, client’s name, amount and date will remain on file in this same location. If you need this information in the future for any reason, simply refer back to the check.

Of course, voiding a blank check can be performed in a similar manner. The only difference, however, is that you’ll first need to create a check with a $0.00 balance. After the check is created and the appropriate client is attached, you can then follow the same steps previously mentioned to void it. After voiding the blank check, you’ll want to click on “Record” so it will go into your history. Sorry if you were expecting more, but that’s all it takes to void a check in Quickbooks!

Still trying to figure out how to apply credit to an invoice in your Quickbooks account? Although this is somewhat of a rare occurrence, clients may accidentally overpay their bill. When this happens, you’ll want to go back and credit the respective invoice so the overpayment will factor into their next bill. Quibkooks makes this process quick and easy; the entire process of crediting a client’s invoice should only take a couple minutes. Check below for our step-by-step walkthrough on how to credit an invoice in Quickbooks.

The truth is that most people will never find themselves in a position where they need to apply invoice credits. However, the one time it does in fact come around, you want to be fully prepared to deal with it. Instead of blindly starring at the computer for hours on end, read through this quick guide to learn the ropes of invoice crediting.

After logging into your Quickbooks account, you’ll need to apply the credit to the customer. This will essentially give the customer credit for their overpayment or adjustment. It’s important to note, however, that this is not the same as applying it to the invoice. After giving the customer credit, you will then need to go back and connect it to the respective invoice. Only then will the transaction be complete and accurate.

To apply credit to an invoice, click on the “Customers” tab followed by “Receive Payments.” Next, you’ll want to scroll through the invoices and click on the one that requires adjusting.  Click on the “Discounts and Credits” button at the top of the screen to make the necessary adjustments on the invoice. You should see the amount that was added during the previous step. If not, you can modify the “Amount To Use” column with the correct amount. Double check the amount to ensure it’s correct before proceeding.

After applying the credit to your client’s invoice, you can then save the changes and close out of Quickbooks. Whenever you need to apply invoice credits in the future, refer back to this page for more guidance. The method listed here is the fastest and most efficient way to accomplish this task. Whether you are using a current or older version of Quickbooks, the method for applying invoice credits remains the same. Simply locate the customer and invoice before adjusting the “Discounts and Credits.”