How to Reconcile Transactions in QuickBooks Desktop?

I have added another bank account in QuickBooks Desktop, I now need to reconcile from the scratch  and I need someone to guide me.

Asked on February 5, 2019 in Banking.
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1 Answer(s)

Hi Claudia,

 

Reconciling your account in QuickBooks is just like straighten your balances. “How to Reconcile in QuickBooks Desktop” process helps you to ensure that your financial records are accurate.

Detailed Instructions

  • Click on the Banking menu on the menu bar and select Reconcile
  • You need to choose the Account from the Account drop-down list. Provide the ending date of the Statement for the chosen account.
  • You must compare the statement’s opening balance with the amount that has been shown in the Beginning Balance field. Fill out the taxes information and click Continue to open the Reconciliation window
  • You can also hide transactions after the statement end date by marking the check mar on the top right-hand side of the reconciliation window.
  • At the bottom left-hand side, it displays items you have marked clear, which shows the total number of deposits and the total amount of Checks and payments you’ve selected. Almost every bank provide such summary of transactions on the statement. This section will save you and check for any discrepancies.

Note: If you reconcile regularly then the QuickBooks Beginning Balance should match the beginning balance on your statement. If there is any discrepancy which might have been caused by clearing a transaction directly in the account register.

  • Mark the check on all items that match your bank account statement.

Statement amount is correct but QuickBooks is incorrect:

  • Open the transaction in QuickBooks
  • Correct the transaction error, and then save it.
  • Mark the corrected transaction to reconcile it.

When your Difference amount is “0”, click Reconcile Now and finish your reconciliation and print your reports.

 In-case your difference balance is not zero, make a note of the difference amount.

There are two ways to fix this error-

  • Check the item/s on the Reconcile screen that does not appear on your bank statement there could be many reasons behind that such as the check didn’t clear in the bank and it will most likely to appear on the next statement.
  • Proceeding to reconcile Now button and then QB will ask to click to the Enter Adjustment button on the new window to record the discrepancy.
Answered on February 20, 2019.
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