How to Reconcile in QuickBooks Online? An Understandable Guide

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Reconcile in QuickBooks Business
Mar 03, 2023

Reconcile in QuickBooks online bank plays an important role in QuickBooks as it lets the users match their bank statements with the ones in QuickBooks. Moreover, it also helps find discrepancies so that you can fix them instantly. Therefore, it will help you prepare an accurate balance sheet to give a proper wealth status to your company. Furthermore, go through this entire blog attentively to gain in-depth knowledge on reconciling bank accounts in QBO.

Simple Procedure to Reconcile in QuickBooks Online Seamlessly 

Reconcile in QuickBooks Online isn’t a challenging task, if you know the proper procedure to do so. Therefore, to help you with that, below, we have provided you with a complete set of instructions for reconciling accounts. Have a look at the pointers given below closely.

First Step: Examine Your Opening Balance 

In the initial stage, you must cross-check the Opening Balance that you have added in your accounts. Also, you must verify that the bank account balance must tally corresponding to the opening Balance of your account. Once completed, move ahead to the next step of reconciliation.

Second Step: Initiate the Reconciliation Process

After holding the monthly bank or credit card statement, you can begin the reconciliation task. For instance, if you are reconciling for multiple months, you must reconcile one statement at a time, starting with your previous one. Follow the instructions written below to accomplish the task properly.

  1. If your account are associated with online banking, examine that you match and evaluate all your downloaded transactions properly.
  2. Navigate to the Settings menu and hit the Reconcile option. For the users who are reconciling for the first time, opt for the Get Started Option.
  3. Choose the account that you want to reconcile. To choose the account, hit on the Account drop-down menu. Also, ensure you have picked the same account listed on the statement.
  4. Afterwards, cross-check the beginning balance. For that, you need to examine that the starting Balance in QuickBooks tallies with the one that is mentioned in your statement.
  5. Next, include the Ending Balance and End Date on your statement properly. Tip: In most banks, the Ending Balance is also known as the “New Balance” or “Closing Balance.”
  6. If you get the Ending Balance, check the Last statement ending date. This mainly reflects the last date of your last reconciliation.
  7. Finally, opt for the Start Reconciling option when you are all set.

Third Step: Correlate Your Bank Statements With QuickBooks

Now, it’s the time when you have to tally the bank statement with the one listed in QuickBooks. Go through the transactions one by one. Also, it is essential that you must check that the proper dates and transactions in QuickBooks are included, as it is very important that everything matches.

Instructions to Reconcile Accounts Associated With Online Banking
Review the steps listed below thoroughly to reconcile the accounts linked with Online Banking. Check them out.

  1. Begin the process from the very first transaction mentioned in your statement.
  2. After this, search for the same transaction from the Reconciliation window in QuickBooks.
  3. Now, you must tally both these transactions. Select the checkbox next to the amount in QuickBooks if both transactions tally. It will clearly represent as reconciled. However, to fasten things up, make sure that the transactions you have included or tally from online banking are already chosen for you.
  4. If the transaction isn’t visible on your statement but is reflected in QuickBooks, don’t select the checkbox.
  5. You are supposed to tally each and every transaction listed on your statement with the one included in QuickBooks.
  6. Tip: If you are sure you found a proper match, but something is wrong, like the payee. In that scenario, choose the transaction in QuickBooks to expand the view. Then, hit the Edit option to make the necessary changes in the details that didn’t match.
  7. In the end, you must cross-check that the difference between your statement that to the QuickBooks must be shown as $0.00. If you see it as this, hover over the Finish Now option.

Fourth Step: Cross-Check The Past Reconciliation 

In this step, you are supposed to run a reconciliation report to check on your work. So, apply the steps in the same way as given below.

  1. Begin the process by tapping on Bookkeeping or Accounting.
  2. After this, hit the Reconcile option followed by the History by Account option.
  3. Furthermore, use the drop-down menu to pick the account date and date range.

Fifth Step:- Get a Printout of the Reconciled Transactions 

QuickBooks Online automatically generates a reconciliation report for the particular session as soon as you end the reconciling process. After this, you can easily print the report or export it to another person if required.

Also Read – How to Recover QuickBooks Data files

Ending Words!!

We assure you that the steps explained in this post will give you insight into Reconcile in QuickBooks Online. If you cannot match your bank statement with the one in QuickBooks, you can take help from our professionals through the live chat facility.

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