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. Reconciliation can be done both manually and through the use of a program. If you are using software like QB then here is how to reconcile in QuickBooks.
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.
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.
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.
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:
Users can check the reconciliation statements on a later date for fixing inaccuracies. For doing so, follow the steps given below:
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.
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