Process of Books Reconciliation
It is very simple process as there is no hard nut to crack in reconciling books. Compare your check register with your transaction in your bank for a particular period. Check register and statement both should have same number in transaction. Now, let’s take a look at the steps that you need to follow to get your Books reconcile accounts. Let’s understand first What Reconciliation’s and its basic terminology before moving ahead to learn complete process .
Step 1: Adjust balance of your bank statement.
- Transit deposits
- Outstanding checks
Step 2: Adjust balance of Check Register.
- Bank service fees.
- NSF Checks.
- Interest Earned
Step 3: Comparing of Adjustment balances
Bank account reconciliation helps in managing your business bank account that saves time and helps to identify the errors in the right time prior they negatively affect your financial records and data. QuickBooks business accounting application is tailored in a way to manage the required association with other program or supplementary tool or features. The program is developed to meet all the accounting needs or the business and ease the functionality. You need to ensure that QuickBooks application or other programs or supplementary tool or feature fulfills the system requirements. QuickBooks Accounting Bank reconciliation module helps to reconcile bank accounts every month in a year and for the latest fiscal year, you can easily reconcile the module.
Also check out all steps for QuickBooks Bank Reconciliation so you will never face any Quickbooks Reconciliation Error & issues
Depending upon the bank statement that needs reconciliation assure the correct information:
- Start Date Statement.
- End Date statement.
- Opening Balance statement.
In case you have passed the right entry, Click two times to assure that any of the entry is not missing. In case there is an amount found that is not fixed exists then a descriptive bank reconciliation report is printed. It is possible for you to bring the General Ledger report for the particular month and further compare the bank reconciliation detail report with General ledger beginning/end balance and ensure that they match each other.
When you click twice to verify the entry and approved it, you will have to put your opening balance as your ending balance. With this you will get your opening balance and ending balance similar to each other. Also you need to assure that do not display anything edited. In case an unfixed amount is found you will have to configure bank reconciliation. Alternatively you can just post your bank reconciliation and continue with the bank.
In the Bank Reconciliation process you might find an unfixed amount but the difference amount displays zero. Also user can easily fix Sage 50 Reconciliation Discrepancy by close inspection of each & every entry .
For more details you can connect with ReConcileBooks that is reliable accounting solutions provider . You can connect with the team via the toll free phone QuickBooks Support Number. Call the number +1347-967-4079 and acquire quick support.