A detailed guide to reconcile bank account in QuickBooks

1. A detailed guide to reconcile bank account in QuickBooks? QuickBooks provides a comprehensive solution for all the accounting and bookkeeping needs of your company. Financial transactions are the most fundamental component of bookkeeping. To reconcile bank account in QuickBooks, you need to match all the financial transactions entered in QuickBooks with your bank and credit card statements. Reconciliation ensures that the transactions are in sync and there exist no discrepancies. In this article, we will discuss all the related aspects of bank account reconciliation in QuickBooks.

2. Key-points on reconciliation of bank account in QuickBooks Create a backup of the company file and ensure that the beginning balance of the account is correct before you start the reconciliation. It can be very tiring and boring to reconcile bank account in QuickBooks, so try to make it habitual. Try to do it at the same time of the month, around the time you receive your bank statement. It can get pretty difficult to add bank accounts to your QuickBooks retroactively due to the volume of data and lack of time for their review. Try to connect all your business-related accounts to QuickBooks so that you don’t need to add them later. There are a few important points related to the reconciliation of bank account in QuickBooks. These are mentioned below:

3. Some common QuickBooks reconciliation discrepancies Error message saying “Hold on! Your account is not ready to get reconciled yet” is pretty common. The error suggests that you have accidentally deleted or modified a previously reconciled transaction. You may also face troubles during reconciliation if you change the date or source account of a previously reconciled transaction, then you can get issues while reconciling. The bank account reconciliation process is pretty easy, but there may come several issues while doing it. Let us discuss some common QuickBooks reconciliation discrepancies below: These are the issues that might appear when you reconcile bank account in QuickBooks and hinder your operations.

4. How to reconcile in QuickBooks Online 2019? Click on the ‘Accounting’ menu of your QuickBooks Online application, and then select the ‘Reconcile’ option. You can also reach here through the ‘gear’ icon. Click on ‘Tools’ and then select the ‘Reconcile’ option. Choose the account for reconciliation from the drop-down menu. You have to enter the ‘Ending Date’ and ‘Ending Balance’ for the last date of the previous month and the balance on that date. The ‘Beginning balance’ entry gets filled automatically. Click on the ‘Start Reconciling’ button to reach the page where you check your transactions. If you are wondering how to reconcile in QuickBooks Online 2019, it is a very easy process, in fact. You just need to know the steps and follow them for effective reconciliation. We have provided below the detailed steps for that:

5. 8. Match the transactions in your bank statement and check off the transactions that are the same in both. 9. You will notice that the gap between the Ending balance and the Cleared balance keeps decreasing as you check off transactions. 10. You can also apply filters to find the transactions. 11. After checking off all the transactions, the difference should become Nil (0). 12. A message saying “Success! You reconciled your account” would appear, suggesting that the process is complete. 13. To view the reconciliation report, click on the “View Report” button and then press ‘Done.’

6. Conclusion You should be able to reconcile your bank account and credit card to your QuickBooks easily through the methods stated above. If you come across any issues when you reconcile bank account to QuickBooks, you can contact us at our (855)-526-5749 and talk to an expert for resolution.