If you want to ensure that your accounts and records are accurate, then bank reconciliation is one of the best ways that you can opt for. A bank reconciliation is a form of internal audit that ensures the records that are gathered in your company ledger tally with that recorded by the bank in the form of your bank statements. You can reconcile a bank accounts with surprising speed in QuickBooks. With bank reconciliation, you can ensure that everything is accounted for in QuickBooks. To know more about reconciling in QuickBooks online and QuickBooks desktop, continue reading this piece of information. Or call us for better technical assistance.
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Important points to remember before you reconcile the bank account
- You shouldn’t miss out to backup QuickBooks company file.
- Also, you should have the record of the bank or credit card statement while reconciling the bank account.
- You are supposed to ensure that the bank or the credit card account both have the correct beginning balance in QuickBooks desktop.
- Insert all the uncleared transactions for the statement period.
Steps to perform for reconcile in QuickBooks desktop
For reconciling in QuickBooks desktop, go for the steps listed below:
- Pick the Reconcile tab and head to the Banking menu.
- Further, drop down menu from the Account and opt for the Suitable account. You are recommended to further insert the ending date of the statement that you are active with.
The most important point to be noted is that if you use earlier reconciliation, then the failure statement date is the date of the end reconciled statement added one month.
- You are suggested to analyze your statement’s opening balance with the amount which sees in the beginning balance field. To get information to any other relevant, click on Continue to open the Reconcile tab.
- Analyze any items that test your bank account statement.
- You can also contact your Financial institution when the transaction doesn’t match and the statement is incorrect.
- Just in case the QuickBooks amount is incorrect and the stated amount is correct, then the below steps would assist:
- You are supposed to double click the transaction in QuickBooks to display it.
- Further, hit Close and Save tab.
- And tap on the Corrected transaction in order to reconcile it.
When you accomplish zero difference, you are good to go, and it is time to tap on reconcile now to close the reconciliation and print reports.
Whereas, if you still haven’t achieved zero as the difference, then create a note of the difference amount.
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Note:
You can also choose reconcile otherwise clicking on the reconcile now tab and then tap on the enter adjustment tab on the new window for recording discrepancy. And if this is not mentioned, the head to the next note.
Wrapping up:
This informational piece is written with an intent to provide you with the entire process to reconcile in QuickBooks online and QuickBooks desktop. As always, if you have any questions, comments, or concerns, call us at our helpline number i.e., 1-800-761-1787. Our QuickBooks error support team will be more than happy to assist you.
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