To learn how to reconcile your accounts it is very important that you know the process of reconciling. In reconciling you just need to keep looking at your accounts in QuickBooks that if it matches your own Bank account and Credit card Statements.
This article will help you to know how to reconcile in QuickBooks Online all you need to do is give it a good read and you’ll be good to go but if in any case, you’re failing to understand or not be able to follow the steps according to the article you can always give a call to QuickBooks Customer Service and our representative will help you setup reconciling your account in QuickBooks.
To run a successful business or organization it is imperative that you should know how to reconcile and also keep reconcile your accounts so that they match with your bank account and credit card statements. So that you know that everything is going hand in hand. It is highly recommended that you reconcile your checking, savings, and credit card account every month.
To reconcile your account in QuickBooks you just need to follow these detailed steps so please read it very carefully.
Step 1: Review your Opening Balance
Apart from your bank account or credit cards, you don’t need to review the opening balance of these accounts cause QuickBooks itself downloads and enters the opening balance for you.
But it is very important to review the opening balance if you’re reconciling someone else’s bank account cause then the opening balance is needed to be matched by your own bank account irrespective of the day that you decide to track any transaction in these other accounts that you reconciled in the QuickBooks
To review the opening balance first is the primary thing or the step that you need to take while reconciling.
Step 2: Start your Reconciliation
When you get your bank statement, you can begin reconciling. In case you’re reconciling for more than one month, then in that case you need to start with your most established bank statement. Reconcile every month independently, each statement at a time.
- Open your Quickbooks Online software, then go to ‘Settings’ and then choose ‘Reconcile’ and if you are doing it for the first time then you need to choose ‘Get Started’.
- Now from the given dropdown menu in the ‘Account’ section choose from the accounts the one that you want to reconcile. please ensure that it is the same one by verifying it from your statement.
- Verify the ending date of the last statement. Please ensure that your bank statement starts the day after your last reconciliation.
- Now See and verify the opening balance. please ensure that the opening balance in QuickBooks matches with the one on your bank statement.
- Now please enter the ending balance as well as the ending date which is already there in your bank account statement. If you’re not able to see the ending balance in your statement then look for ‘New balance’ some banks prefer calling the ending balance as ‘new balance’.
- After following all the above steps carefully you can give it a look again and choose ‘Start reconciling’.
Step 3: Compare your bank statement and QuickBooks
Finally to reconcile, just verify the numbers of transactions on your bank statement with the statements that are there in the QuickBooks. Please make sure that you cross-check the right dates and the transactions cause that is the only thing that creates a lot of problems and chaos.
These are the three steps that you need to follow in order to reconcile in QuickBooks. However, if you’re still not able to do so in that case you must talk to a QuickBooks Expert that is there available on QuickBooks Customer Service 24/7 just to help you with these kinds of difficulties.
Conclusion
To conclude, it is very important that you reconcile every two weeks or at least every month so that you are aware of the transactions and funds of your organization. However, if in any case, you have a doubt or you’re not been able to reconcile in your QuickBooks a QuickBooks expert is highly recommended that you can easily find on QuickBooks Customer Service.