QuickBooks Online Setup for Mental Health Practices: Bank Reconciliation & Reporting (Part 5/5)

Hi,

I'm Laurie Ellison from Madison Avenue Bookkeeping. In this video, I'm going to show you how to do a bank reconciliation. This is the final step to ensuring your books are accurate and ready for tax time.

📞 Do you still need some help setting up or are you running into an issue and you don't know why? Click here to schedule a FREE 15-Minute Consultation with me: https://hudson-valley-bookkeeping-inc...

Welcome to Part 5, the final video in my series on setting up QuickBooks Online from scratch! You have set up your accounts, imported your vendors and customers, and processed your bank feeds. Now, you must "true up" the books against the bank. In this video, I walk you through your very first bank reconciliation and show you how to run a Profit & Loss report to review your work.

🧾 What You'll Learn In This Video:

1️⃣ The Opening Balance: How to handle the beginning balance for the start of the year (especially if you are starting your file in January with prior funds in the account).

2️⃣ The Reconciliation Process: A step-by-step guide to navigating the reconciliation screen, entering your statement dates, and clearing transactions.

3️⃣ Troubleshooting: Why hitting "Zero Difference" isn't enough—you must verify that your Total Deposits and Total Expenses match your physical bank statement exactly.

4️⃣ Common Glitches: How to spot double entries or missing transactions that might happen if your bank feed disconnects or if you manually enter data.

5️⃣ Reviewing Your P&L: How to run a Profit & Loss report to catch categorization errors (like an insurance payment going to a parent account instead of a sub-account) and why you should print your reports for your records.

❕Book a FREE 15 minute Consultation with Laurie❕
Click the link to Schedule🔽
https://hudson-valley-bookkeeping-inc...

Visit our website:
https://madisonavebookkeeping.com
_______
FREE Downloadable Resources for You!
⬇ ⬇ ⬇ ⬇ ⬇ ⬇ ⬇
✔Therapy Chart of Accounts:
https://mailchi.mp/85ede312648f/thera...

✅ QuickBooks Private Practice Setup Checklist
https://mailchi.mp/392d3211b452/qboch...

Do you need more guidance setting up your QuickBooks?
We do QuickBooks COACHING on Zoom!
If you are interested in scheduling a TAILORED coaching or services:
Email me at📩 : [email protected]
Call me at📱 : (914)294-2316

_______

Use the link below to send me VIDEO REQUESTS: 🔽
https://us6.list-manage.com/survey?u=...

Happy Bookkeeping!


Coaching With Laurie ⬇
__
How the Coaching Sessions Work:
Sessions have a minimum of one hour and a maximum of two hours. ⏰
Sessions are conducted via Zoom. 💻
The session will be recorded and sent to you for future reference. 📸
__
Scheduling:
I always like to speak with a coaching client before we schedule a session, so that I fully understand his/her needs and concerns to make the most out of their QuickBooks Coaching Session. If you are interested, please:
Email me at📩 : [email protected]
Call me at📱 : (914)294-2316
__
Topics Covered But Not Limited To:
Guided Setup for your QuickBooks File
Chart of accounts specific to a therapy practice.
Learning the dos and don’ts of QuickBooks.
Picking the correct version of QuickBooks for your needs.
Guided QuickBooks Clean Up: 🧹
Fix the Balance sheet.
Clean up duplicate accounts.
Learn how to post in your own QuickBooks.
Learn how to reconcile your bank accounts and credit cards.
Tracking: 💲
Creating a chart of accounts appropriate for therapy practices.
Create income codes specific to insurance & self pay codes.
Learn how to post credit card and bank transactions.-
-Learn how to reconcile your bank and credit card statements.

Have a great day!
Laurie Ellison

Chapters:
00:00 - Intro
00:13 - Reconciling Bank Statements
3:00 - Things That Go Wrong on Reconciliations
6:43 - Creating a Profit and Loss

#QuickBooksOnline #PrivatePractice #MentalHealthBookkeeping #TherapistFinances #ChartOfAccounts #SmallBusinessAccounting #BookkeepingTutorial #MadisonAveBookkeeping #HudsonValleyBookkeeping #QuickBooksSetup