For a user who has integrated QuickBooks with their net banking or accounts, the next step is to reconcile bank account in QuickBooks. This ensures QuickBooks holds the correct transaction records and gives a correct way to analyze the cash flow and expenses. Without QuickBooks bank reconciliation, you have no accurate way to track the money and your expenditures as a business.
Moreover, it becomes hard when many users have access to the account and software in a multi-user environment. However, after you reconcile bank account in QuickBooks, you can accurately study the cash movements and mitigate financial frauds and discrepancies.
If you are new to QuickBooks bank reconciliation, we have you covered. Contact our expert ProAdvisors, who will guide you on how to reconcile bank statements in QuickBooks in an easy-to-understand manner. Dial TFN +1-(855)-955-1942 now!
The Need For QuickBooks Bank Reconciliation
Many discrepancies in the QuickBooks records and bank statements create the need for QuickBooks bank reconciliation. You may spot these mistakes when you receive the bank or credit card statement later. These could be:
- Checks that are missing or present in QuickBooks
- Incorrect entries in QuickBooks
- The adjustments in QuickBooks that are incorrect
Read Related: QuickBooks Payroll Tax Table Update
How Do You Reconcile Bank Account In QuickBooks Online?
You might spot some errors when you compare the entries in QuickBooks and match them with your bank statement. To balance the account transactions in the end, you need to reconcile bank account in QuickBooks. This section will list how to reconcile bank statements in QuickBooks.
Here are the steps for QuickBooks bank reconciliation:
- Open QuickBooks online and review your opening balance. It needs to be the same as the bank statement.
- If you forgot to add an entry, you can add it later on.
- If you are reconciling multiple accounts, work on one account at a time.
- If connected with online banking, match and categorize the transactions
- After that, navigate to Settings and then Reconcile.
- For the users reconciling for the first time, they will be greeted with the Get Started section.
- After that, you will get the list of accounts you can reconcile. Select the account you need to work on.
- Ensure that the beginning balances on both accounts match. Now, enter the ending balance and date.
- After you are done, review the last statement ending date. Once ready, choose Start reconciling.
After QuickBooks Bank Reconciliation
After you are with reconciliation in QuickBooks, compare the transactions entries with the bank statement. You need to verify that the right dates and amounts are there in both QuickBooks and bank statements.
You can review QuickBooks online bank reconciliation report by running the reconciliation report. To check that:
- Navigate to Bookkeeping > Reconcile > History by account.
- Now select account and date range in the drop-down menu.
Get Technical Assistance
The above blog has guided you on how to reconcile bank account in QuickBooks. If you have a query or issue regarding this or QuickBooks in general, please contact our QB ProAdvisor at TFN +1-(855)-955-1942. They will guide you to on reconciliation and help you to get your issue resolved right away.
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