5 close the chart of accounts n otes lesson 4 work

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5. Close the Chart of Accounts. N OTES
Lesson 4 — Work with Bank Accounts Enter a Handwritten Check QuickBooks Desktop 2020 Client Training 9 Enter a Handwritten Check Sometimes you need to write a check by hand on the spot for items or services you did not plan to purchase. QuickBooks lets you write the check then enter it later in the checking account register or on the check form. Step-by-Step: Enter a Handwritten Check in the Checking Account Register 1. From the Banking drop-down menu choose Write Checks . 2. Ensure the proper account is selected in the Bank Account drop-down at the top of the check. 3. Click in the No. (check number) field in the blank transaction and enter the number from the handwritten check. (If the No. field says To Print, uncheck the Print Later box on the toolbar at the top of the check in the Main tab of the ribbon.) 4. Enter the information from the handwritten check and assign it to the corresponding expense account. 5. Save & Close. N OTES
Lesson 4 — Work with Bank Accounts Transfer Money Between Accounts QuickBooks Desktop 2020 Client Training 10 Transfer Money Between Accounts The Transfer Funds feature in QuickBooks allows you to move money from one balance sheet account to another. These transactions may reflect funds transfers from one bank account to another, movement of money from a bank to an asset account, or even payment against a credit card or liability account. (This feature is especially useful in a multicurrency environment when transferring funds between accounts of different currencies and the bank has assigned a specific exchange rate to the transfer.) Step-by-Step: Transfer Money 1. From the Banking menu, choose Transfer Funds . 2. In the Transfer Funds From field, choose the account from which you are transferring the money. 3. In the Transfer Funds To field, choose the account to which the money is being transferred. 4. Enter the amount you wish to transfer in the Transfer Amount field. 5. If this were a multicurrency situation, you would also choose the currency of the Transfer Amount and the exchange rate given to you by the bank. (The example here is not a multicurrency situation and therefore you do not see those fields in this screen capture.)
Lesson 4 — Work with Bank Accounts Transfer Money Between Accounts QuickBooks Desktop 2020 Client Training 11 6. In the Memo field, enter the alphanumeric confirmation code given to you by the financial institution to reference this transfer transaction. 7. Click Save & Close . N OTES
Lesson 4 — Work with Bank Accounts Reconcile Bank Accounts QuickBooks Desktop 2020 Client Training 12 Reconcile Bank Accounts Your bank sends you a statement for each of your accounts each month (or you can view it online using your online banking credentials). The statement shows all the activity in your account since the previous statement: Opening balance Ending balance Amount of interest earned Service charges Checks and other withdrawals that have cleared the bank Deposits made Other transactions affecting the balance of the account
Lesson 4 — Work with Bank Accounts Reconcile Bank Accounts QuickBooks Desktop 2020 Client Training 13 Step-by-Step: Reconcile a Checking or Savings Account Statement 1. From the Banking drop-down, choose Reconcile .

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