Intuit has designed QuickBooks accounting software in such a way that it is the most generic accounting software with its latest versions released. In this post we will discuss about QuickBooks Bank reconciliation. Sometimes, Bank Reconciliation becomes an important issue which ensures the accuracy of financial data. To reconcile bank transactions, we carefully match transactions on the bank statement to the transactions in accounting records. This feature of QuickBooks comes under the category of QuickBooks online. Sometimes or the other we want to reconcile our savings, credit card accounts. This is step by step procedure to be followed:
- Compare the Deposits
- Adjust the Bank Statements
- Adjust the Cash account
- Compare the balances
Bank Reconciliation can be done by following below mentioned steps:
- Select Gear icon >> click on Tools >> Click on Reconcile
- Select drop down menu below Accounts and choose the particular account you want to reconcile.
- Type Ending Balance and Ending date based on your bank statement.
- Contest transactions with your bank statement and verify them one by one.
- Relate filters so that transactions can be easily found.
- Continue until the “Difference” field is zero
- Success page is viewed on your screen
How to do Reconciliation of Bank Statement in QuickBooks Online
This is basically a step-by-step method of how to go for reconciling bank statement in QuickBooks Online.
Method 1: Navigate to the Reconcile Page
Basically there are two ways to get access to the Reconcile module/page.
- Select “Accounting” on the left, and then select “Reconcile,” or, from the gear icon
- You can select “Tools” and then click “Reconcile.”
Method 2: Selection of an account to reconcile
- When you are on Reconcile page, click on the account you want to reconcile
- If you have selected the reconciliation already, then we will get an alert saying “account is not ready for reconciliation due to some issue.”
Method 3: Enter Statement Information
Method 4: Match and Clear transactions
Method 5: To find transaction apply filters
Method 6: Keep going with clearing transactions until difference field is zero
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