Reconciliation

If you have questions about MEC, you are welcome to contact Taylor Pratt at MECinfo@louisville.edu or (502) 852-1925.

  1. Open your current Fiscal Year (FY) QuickBooks file
  2. Go to 'File'
  3. Select 'New Company'
  4. Select 'Advance Set Up'. If you are asked “Who are you creating the company file for?”, choose “For someone else”, and then choose “Advanced Setup”
  5. Enter Company Name (example: Dean's Office FY21)
  6. Select 'Next'
  7. Select 'Accounting & Bookkeeping
  8. Select 'Next'
  9. Select 'Other/None'
  10. Select 'Next'
  11. Select July for 'My Fiscal Year Starts'
  12. Select 'Next'
  13. DO NOT CREATE A PASSWORD; Select 'Next' (if the program forces you to set up a password, contact the Dean's Office to find out what that password should be)
  14. Select 'Next(again)
  15. Save your new QuickBooks Company File to your local computer (e.g., save to your desktop) and then move this file to the Q: drive > Financials > your department folder
  16. Select 'Next'
  17. Select 'services only'
  18. Select No (do this through the next 5-6 questions)
  19. Under 'Select Date' select July
  20. Select 'Next'
  21. Select Setup

  1. Open current Quickbooks file (ex. FY20)
  2. Select 'File'
  3. Select 'Utilities'
  4. Select 'Export'
  5. Select 'Lists to IFF Files'
  6. A list of Export items will appear; select the following:
    1. Chart of Accounts
    2. Vendor List
    3. Customer List
    4. Employee List
    5. Other names List
  7. Select 'Ok'
  8. Save to:
    1. Local computer (e.g., your desktop) - **name the file “FY21.IIF”
    2. Move to Q: drive and place in same folder where new QuickBooks Company File is located
  9. Close FY20 QuickBooks Company File
  10. Open FY21 QuickBooks Company File
  11. Once the new year file is open, proceed by:
  12. Select 'File'
  13. Select 'Utilities'
  14. Select 'Import'
  15. Select 'IIF' Files
  16. Drives open; go to your department FY21 QB folder, Select FY21 IIF file that you just saved
  17. Double click to begin importing.
  18. A “Working” box will appear; once complete, “Your data has been imported” will appear
  19. Click 'Ok'
  20. Select 'Chart of Accounts' in FY21 QuickBooks Company File and you should see ALL of your banks and accounting information have moved forward with a $0 balance. This is correct.
  21. You can now begin tailoring your new FY21 file based on the needs of budget tracking for your department

  1. You may go to 'Company Chart of Accounts' or the QuickBooks home page may have 'Chart of Accounts' listed under 'Company.'
  2. Click on 'Account' at the bottom of the page, then select 'New' and choose 'Bank.'
  3. Enter account name and opening balance. Select 'Enter Opening Balance,' then enter statement ending balance and statement ending date. This information is found on the Period I, “current fiscal year”, bi.louisville.edu > Individual > (choose whatever report you typically run for this purpose), located under the budget column.
  4. Select 'Save' and 'Close.'

  1. Go to 'Banking' > 'Reconcile'
  2. 'Account' should be the speedtype/subaccount you are reconciling; 'Statement Date' should be the end date of the accounting period being reconciled
  3. Enter the speedtype/subaccount balance from the university report in 'Ending Balance'
  4. Do not enter anything in remaining boxes and click 'Continue'
  5. In upper right hand corner, check the 'Hide transactions after the statement's end date' box
  6. Click 'Mark All' button at bottom center
  7. In the lower right hand corner, 'Difference' should be '0.00'. If it is, click 'Reconcile Now” button. If it is not, click 'Leave' and return to your bank to determine the source of the discrepancy and make correcting entries.
  8. On the 'Select Reconciliation Report' dialog box, choose 'Detail', then 'Display'
  9. In the upper left hand corner, choose 'Customize Report', check “Memo” in the “Columns” section, and click “OK”
  10. Reconciler and Approver need to sign and date the QuickBooks reconciliation report
  11. Save reconciliation to the current fiscal year's department monthly reconciliations folder in Box > Financials

  • Enter all charges as they happen in QuickBooks. Do not wait until the end of the month to enter charges. The only charges that apply to entry at the end of the month will be Physical Plant, IT charges, Postal and monthly salaries.
  • Encumber all anticipated, but not yet posted, expense and revenue, as you become aware of them.
  • Do not bulk load travel (in-state or out-of-state), or direct disbursements. Each charge needs to be entered separately.
  • Enter salary charges separately for each person in QuickBooks. This will help with finding errors with payroll charges. DO NOT BULK LOAD.
  • Please remember this is similar to your personal checkbook. Enter each charge as it happens throughout the month.

Current fiscal year Speedtypes is where your Quickbooks files/speedtypes for current fiscal year should be located. To create a folder for the new fiscal year:

  1. Go to 'My Computer'
  2. select 'U-Drive'
  3. select 'Quickbooks Data'
  4. select 'Your Department'
  5. select 'File'
  6. select 'New'
  7. select 'Folder'
  8. Name the folder (department name with current fiscal year)
If you do not create a new company, you will need to choose the old company and resave to the current fiscal year speedtype/department folder.Then you should have another file called 'Monthly Reconciliations' and a sub-folder called current fiscal year. (Follow the directions shown above.) Please make sure your Quickbook is saving to the U-Drive. If not, see the instructions below.
  • Open your 'Company/Quickbooks'
  • Look for the back-up icon button
  • Browse for the U-Drive
  • Find your '”current fiscal year” Speedtype' folder
  • select 'Save'
    • Reconciliation FAQs

    • Cardholder
    • Reconciler
    • Approver

    • Reconciler
    • Department Chair, Dean or Director

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