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QuickBooks Desktop is your one-stop place to keep all your accounts, finance and reconciling in this software that enables you to keep them up-to-date as well as accurate. To understand how you can reconcile in QuickBooks Desktop we have explained in few simple steps how you can reconcile your bank account in QuickBooks Desktop.
Steps to Reconcile Bank Account in QuickBooks Desktop
- Open your QuickBooks home page and click on Reconcile or click on the Banking tab on the top menu bar.
- Select Reconcile from the drop-down menu. This will open a window; from there select the Account from the drop-down menu that you wish to reconcile. It can be any balance sheet account; it offers a whole gamut of options to select from.
- Once the account is selected check the ‘Statement Date’. In case you have reconciled the account previously, the ‘Statement Date’ will show that date along with one more month. If this is the first reconciliation the date will be previous month’s last day.
- Check your ‘Beginning Balance’. It should match with the opening balance of your bank statement.
- Next enter your ‘Ending Balance’ from your bank statement. If your bank has a service charge, enter that in the section with the same name and the date it was charged.
- Select the account that the charge goes into and the class it falls under. In case you use online banking, the service charge will automatically be added so you do not have to do it manually. If you have any interest earned, put that and add the date it was added along with account against which it is to be added and the class.
- Before moving forward, just note that if there are any discrepancies between the ‘Beginning Balance’ and the opening balance statement, click on ‘Locate Discrepancies’. This tries to figure out for you why there is a discrepancy.
- So once everything looks alright, click on ‘Continue’. It will open the Reconciliation screen, with the period.
Note- If you want to click on ‘Hide transactions after the statement’s end date’ to do away with any transaction after the period date. But there is a problem with that, in case there is any entry you made after the period, you will see it being reflected on the main account but the transaction will not appear. Once the box is unchecked, it will show all the unreconciled transactions. Once you have checked everything and it looks correct and ties up with the bank statement, as well as the difference is zero, click on ‘Reconcile Now’.
If there are issues like the incorrect bank statement the bank needs to be contacted.
What If QuickBooks Record seems to be Problematic?
- Click on the transaction shown in the QuickBooks.
- Rectify the issue and save.
- Next click on the rectified transaction and reconcile.
Furthermore, quite a few issues can cause discrepancy between the QuickBooks account and the Bank statement. If you are still unable to reconcile in QuickBooks, you can have a word with QuickBooks Technical Support Team. They have various steps to guide and help the client to address and troubleshoot those issues. To get in touch with QuickBooks Enterprise Support Experts, you can dial 1844 313 4856. The QuickBooks desktop help-desk is 24*7 present to help you out.