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Quickbooks, Create a 100 word discussion response to this post If a company wishes to verify the accuracy of accounting records concerning its cash accounts,
Quickbooks, Create a 100 word discussion response to this post
If a company wishes to verify the accuracy of accounting records concerning its cash accounts, it would look at its records and its bank statements, which may reveal some differences. Doing this involves finding the Begin Reconciliation window, which means you will need to pick Reconcile under Banking. Then you will need to enter information about the account, ending balance, and other things that are part of the window. You would then proceed to the next window. Then, deposits and credits and checks and payments should be marked with a check. However, deposits in transit and outstanding checks should not be checked or should be unchecked. Then, pay attention to where it says Difference. This difference might be because of an NSF check. If this is the case, you would find the Make Deposits window for the date involving the NSF check. Here you should see an NSF check involving the difference. You will need to fix this before there can be reconciliation. After this is done, the company's cash accounts should be accurate as long as the cash accounts and the bank statements now match up perfectly. The Deposit Detail, Transaction Detail by Account, and Missing Checks report could be used in the case of a discrepancy (Rosa & Villani, 2022).
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