Home
Contents
Legal
Dedicated
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
Chapter 21
Chapter 22
Chapter 23
Chapter 24
Chapter 25
Chapter 26
Chapter 27
Chapter 28
Glossary
Error
Messages

Chapter 5

Back to Previous Chapter

Forward to Next Chapter

Back to Contents

 

Advanced Search

 

Do I enter this check?

You do not enter any transaction shown on the bank statement. It is included in the ending balance, and in the QuickBooks opening balance XE "opening balance:bank account"  XE "beginning balance:bank account".  Being included there, it should not be entered following the opening balance. So if you see it on the prior bank statement, it does not go into the QuickBooks bank account. 

Perhaps you enter any transaction not on the bank statement. Is this confusing?  Do you want definite instructions?  Yes, you do enter it, but not necessarily in a direct manner.  Most transactions will come in through different doors.  If in doubt, you can enter checks or deposits, with the reservation that they may well prove to be duplications, and need to be edited or deleted.

If income is recorded by invoices in receivables (or cash sale forms) the payments should not be recorded directly in the bank account.  Chapter 7 tells how to handle them, through Receive Payments and Make Deposits.   Likewise, purchases through payables get into the bank account through Pay Bills, which creates checks.  Employee pay checks need careful planning.  Payroll liabilities will probably be recorded in payroll setup.

Any transactions representing distributions to the owner, or contributions from the owner, will go directly into the bank account.  This may also be the case with income or expenses of a prior accounting period, if receivables and payables are not involved.  Direct cash transactions, for any period, can go directly into the bank account.

Contents |   Up   |   Previous   |   Next

About BlockTax   |   Awards   |   Contacts   |   QB Newsletter   |   Home   |   Legal
Last modified: May 21, 2004