In this exercise, you will create a bank reconciliation for Tasters Club Corp. for the month ended December 31, 2016. The reconciliation should be partly based on these figures: Bank Statement Balance (12/31/2016) equals $16,200; Notes Receivable equals $395; NSF Check equals $4,000; Bank Charges equals $550. During the month, the bank erroneously deposited a $505 check written to Pepper Products into the bank account of Tasters Club Corp.
1. Open a Blank Workbook and save the file in your Chapter 05 folder as: EA5-A2-BankRec-[YourName]
2. Enter the bank reconciliation headers in the range A1:A3; apply bold formatting. 3. Apply the Merge & Center command (from columns A–G) to each row in this range.
4. Using examples from the chapter, enter descriptions for the initial bank and book balances in appropriate locations. Type the Add: and Deduct: labels in the proper cells in rows 6 and 9.
5. Set the width of columns A and E to 24 and the width of column D to 1. 6. Enter the bank statement balance in the appropriate location.
7. Open EA5-A2-QBReport from your Chapter 05 folder and arrange the window next to the bank reconciliation window.
8. Type Outstanding Checks in an appropriate location in the bank reconciliation
9. Drag and drop each outstanding check as well as the book balance from the QuickBooks report to the appropriate cells in columns B and G of the bank reconciliation.
10. Copy the book balance in the bank reconciliation and use Paste Values in the same cell to override the existing formula with the value itself.
11. Close the QuickBooks report without saving.
12. If necessary, insert row(s) in the Add: section of the bank reconciliation to account for all items that will appear there.
13. Import the deposits in transit from EA5-A2-Deposits in your Chapter 05 folder to the proper location in the bank reconciliation. (Hint: Use the Data tab.)
14. Type a description for the imported amounts in the proper cell of column A.
Use Format Painter and Quick Styles 15. Type the descriptions and amounts for the Notes Receivable, NSF Check, Bank Charges, and Check Error in the appropriate locations.
16. In the appropriate location, enter a formula to sum the items in the Add: section of the bank side of the reconciliation.
17. Sum the items in the Deduct: section of the bank side of the reconciliation by copying the previous formula and pasting it to the appropriate cell. If necessary, modify the copied formula.
18. If necessary, sum the items in the Deduct: section on the book side of the reconciliation by inserting appropriate formulas.
19. In the appropriate row, type a description for the final figures on each side of the bank reconciliation.
Hint: Create two entries.
20. In the appropriate locations, enter formulas to calculate all remaining necessary figures on the bank side and book side of the reconciliation.
21. Apply the Currency format with zero decimal places to the beginning balance on the bank side and then use Format Painter to apply the formatting to all other dollar amounts.
22. Adjust column widths so all information is appropriately displayed.
23. Apply a bottom border to cells below which a calculation is completed and apply a bottom double border to cells that represent the final calculation in a column.
24. Apply the Heading 4 Quick Style to the descriptions for the beginning and adjusted balances on each side of the reconciliation.
Hint: Apply the setting to four cells. Finalize the Bank Reconciliation
25. Create a new conditional formatting rule to the beginning bank statement balance such that the cell will contain a yellow fill color and blue text if it drops below $20,000.
26. Insert the Current Time code in the right section of the header and the Current Date code in the left section.
27. Insert the File Path code in the left section of the footer.