Fajer is performing a reconciliation that shows a difference between her QuickBooks account and bank statement....
Fajer is performing a reconciliation that shows a difference between her QuickBooks account and bank statement. What is the first thing she should do to try to resolve it?
|
Look for a transaction in the same amount as the difference and ensure whether it should be cleared. |
| B. |
Determine whether there is a bank error. |
| C. |
Cancel the reconciliation and start over or change the difference to a previously cleared amount. |
| D. |
Run a Reconciliation Discrepancy report. |
|
Adelaide wants all transaction details in her company file, so she'll be entering her historical transactions. Which transactions should she enter first? |
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Answer:
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Homework Answers
1. THE CORRECT ANSWER IS OPTION A i.e Look for a transaction in the same amount as the difference and ensure whether it should be cleared.
Explanation
Fajer is performing a reconciliation that shows a difference
between her QuickBooks account and bank statement.
Now, the first thing she should do to try to resolve it is :
Look for a transaction in the same amount as the difference and ensure whether it should be cleared.
This is so, because it the first step in reconciliation and the transactions should be matched before reconciling them.
Another thing is that there will be no use of the following
- Determine whether there is a bank error.
- Cancel the reconciliation and start over or change the difference to a previously cleared amount.
- Run a Reconciliation Discrepancy report.
before the transactions are matched.
2. THE CORRECT ANSWER IS OPTION B i.e Invoices.
Explanation
Adelaide wants all transaction details in her company file, so
she'll be entering her historical transactions.
The transactions should she enter first is
Invoices
Because invoices are the very first thing issued before any
purchase and are a proof that certain transactions took
place.
Invoice are the details of anything which is purchased or sold.
Other options like purchase order, sales tax payments, customer payments all comes after the invoices and should be entered after the entry of invoices.
So, invoices should be entered in first place while entering historical transactions.
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