Account management involves keeping statements in sync with your QuickBooks company file. It makes sure that your bank as well as credit card account statements and the entries in QuickBooks match.
For any organization, having up-to-date accurate accounts is crucial. You should strive to accomplish reconciliation on a frequent basis. There are methods for accelerating or even automating the process with QuickBooks. These days, reconciliation doesn't necessarily have to be done manually. In this segment, we have discussed how to reconcile your accounts in QuickBooks online. Thus, keep reading on!
Steps to Reconcile your Accounts in QuickBooks Online
Here's a general guide on how to reconcile your accounts in QuickBooks Online:
Step1: Gather your monthly bank or credit card statements, whether online or paper
· Make sure the opening balance in QuickBooks matches your bank account balance for the period being reconciled.
· Check if all transactions are matched with previously entered ones or categorized and added if they haven't been entered yet.
· QuickBooks will try to avoid duplicates by matching downloaded transactions with previously entered transactions. You need to approve the match if this happens.
Step 2: Begin reconciliation in QuickBooks
Open QuickBooks and select the account you want to reconcile from the Account menu.
· Make sure the Beginning balance in QuickBooks matches the balance on your account statement.
· Set the Ending balance and Ending date to match those shown on your statement (some banks or providers might refer to this as the Closing balance).
· Click on "Start reconciling" to proceed with reconciling each transaction in that account.
Winding Up!
Now this blog has come to an end. If you have any issues related to how to reconcile your accounts in QuickBooks, you can contact us at 1-800-615-2347. Our QuickBooks online error support team will be happier to assist you!
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