How to reconcile in QuickBooks: Steps to reconcile accounts and balance sheet easily

How to reconcile in QuickBooks: Steps to reconcile accounts and balance sheet easily

How to reconcile in QuickBooks?

Reconciling accounts is vital for all organizations. Across the globe, reconciliation is used as the chief method of ensuring accuracy. The account balance is tallied with documents in order to discover any discrepancy with the data. Also, reconciliation takes bank statements into account which provide details about each and every transaction. Books are usually reconciled at the end of the financial period. Also, before closing the books it is essential for all organizations to create a reconciliation statement and check the income and expense accounts.

Are you a Quickbooks user?

Organizations can also create reconciliation statements on daily, weekly or on a month to month basis. The biggest benefit of creating reconciliation statement is that it helps you in finding discrepancies in your accounting data. Through this document, accountants can easily ascertain inaccuracy of fraudulent use of money. Not only does this statement help you in avoiding inaccuracy but also penalties from state and federal agencies. Also, wrong information about company’s books can seriously damage the goodwill of any organization.

How to reconcile accounts in QuickBooks

You need to be careful while creating a reconciliation statement. With QuickBooks users can easily reconcile accounts. QuickBooks works with income and expenses as different accounts. All of the assets and liabilities accounts are linked to Chart of Accounts. Through chart of accounts, users can view and edit all the different accounts present in a particular company file.

Follow the steps given below for reconciling accounts in QuickBooks:

  1. Select the Gear Icon present on the top right side of your window.
  2. Select Reconcile under Tools tab.
  3. Click on the drop-down menu and select the account. Please note that this would be the same accounting that will be reconciled.
  4. Click on “Reconcile Now”
  5. From the bank statement for the account that is to be reconciled, enter the Statement End Date. QuickBooks has an inbuilt calendar through which you can easily select the statement end date.
  6. Enter the Beginning and Ending Balance
  7. Click Ok

Match the Expenses:

Upon completion, users need to match all expenses in order to ascertain accuracy. Make sure to follow the steps given below in order to match expenses after reconciling an account in QB:

  1. Match the transactions provided on your bank statement with the one reconciled in the report.
  2. Check the boxes against all the transactions that are mentioned in your bank statement.
  3. Below the reconciliation statement, you can check the difference between the account and bank statement. Until this difference comes down to 0, keep adjusting the transactions.
  4. Click Finish now when done

Users can check the reconciliation statements on a later date for fixing inaccuracies. For doing so, follow the steps given below:

  1. Reopen the reconciliation page by going to the gear icon.
  2. Select the Reconciliation statement that you want to edit
  3. Now edit the report by following the steps given above.

Analyzing reconciliation reports with QuickBooks is quite simple. Users can select the reconciliation statement and hit run the report. QB will provide a summary as well as a detailed analysis of reconciliation statement. Summary section of this report provides useful details such as statement beginning balance, checks, and payments cleared, deposits and other credits cleared and so on.

In order to print out the report, click on the print button above the report. Select the number of copies you want to print. You can also save it as a pdf and on attack it to the back statement on a later date.

Still in Doubt…!

Request a Call Back

Talk to our Quickbooks Proadvisor and resolve your issue over a phone call.

We gaurantee 100% satisfaction

You can even give us a call at our Quickbooks Customer support Canada at ✆ +1800-940-7442 and talk to our Proadvisor now.


Related articles:



Report Your Issue

(Didn't find what you were looking for! Report your issue and get customized help from our QuickBooks experts.)

QuickBooks Version:
Edition Year:
No of User: Licence
HELP Needed:
Name:
Phone:
Operating System:

What is Qbpro?

We are a Quickbooks consulting firm that takes care of all the issues that people might ever face within the program. If you are using Quickbooks and are continuously faced with bugs then we are here to resolve. You can connect with us for errors related to Quickbooks, Technical issue or Accounting Issues within the software. Get in touch with us via:

What Our Clients Say...

Here is what people have to say about us.


Countries We Serve:

Though we serve throughout the world but our clients majorly comes from Canada, USA, and the UK.


Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Me

Leave a Message

Disclaimer: QBpro.ca is a reputable QuickBooks® Consulting firm that provides professional support services related to your accounting software. It is also a front-runner in providing 3rd party technical support services for quickbooks.

Canada

Get our help for

quickbooks canada support quickbooks canada quickbooks online canada intuit canada quickbooks online canada login quickbooks online login canada qbo canada intuit canada login quickbooks login canada intuit tax canada intuit canada contact Quickbooks proadvisor support phone number canada intuit turbotax canada qb online canada quickbooks canada login quickbooks canada support quick books canada intuit quickbooks canada quickbooks canada online quickbooks payroll canada quickbooks enterprise canada intuit canada support

Still facing issues

Get Help For Your QuickBooks Accounting Software

Resolve your every issue on a
Free 30 minutes call

Enter your details to get a cheat sheet of 96 awesome tricks to use Quickbooks like a pro.

We hate SPAM and promise to keep your email address safe.

Get FREE 30 minutes, Resolve your issues now!

Call Now: 1-800-940-7442