Reconciliation Checking Bank Account In QuickBooks
Reconciling your business with checking account monthly in QuickBooks helps you to pick any bank error and make sure that you don’t miss any transactions and your business show you accurate information with report. Reconciliation is a feature that helps a user to match the transactions from the checking account statement with entered data in QuickBooks, and when working with interest-bearing accounts you can also add information about any finance charges or interest during interest period. Sometimes these data don’t enter in QuickBooks until you run reconcile them manually. Also QuickBooks Reconcile Bank Statement Reconciliation process is very easy but need some special attention during checking each small entry.
How To Reconcile Checking Account QuickBooks Desktop
Steps to reconcile the checking account in QuickBooks
Below are the steps through which you can reconcile step by step:
- First, click on Banking menu from drop-down >> select Reconcile
- Now choose the bank account which you want to reconcile from Account drop-down list
- Now adjust the statement date to reflect the date on the bank statement
- Now check if your starting balance matches the balance on the statement. If not matching then need to get previous months statement, for that you need to click “Lists” and “Chart of Accounts and recheck the transactions in the register to find out and edit any incorrect or missing transactions
- Now check the ending account balance on your bank statement and mention it into the” Ending balance ” field
- Click the “service charge “field and mention the interest charges listed on your bank statement
- Click the “Interest earned “text field and mention any interest income listed on the bank statement
- Click on continue
- Check every transaction mentioned in the checks and payments, or deposits and other credits, those match transactions on the bank statement
- Now click on “Reconcile now” if the difference row shows a value of zero when finished the reconciling of transactions
Still, if difference rows show anything other than zero, select the “enter adjustment” option to enter the difference. Alternatively, select “Leave Reconcile” to return to the transaction, then select the banking menu >> choose “Use register” >> add, edit or delete any wrong or incorrect transactions and return to the reconcile screen. Select the new transactions and click on “Reconcile now”. That All done , you can go to QuickBooks Enterprise Bank Reconciliation guide for more instruction.
You can also go Missing Transactions Reconciliation QuickBooks anytime to get step by step guidance from our certified and professional QuickBooks advisors and resolve all your issues quickly.
Solve Reconciling Checking Account Issue QB Pro, Premier, Enterprise
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