QuickBooks accounting software is one of the most versatile and all-in-one software, which can help businesses grow leaps and bounds with its organizational power. The software aims at providing the users the ease to work on multiple screens to tackle the complex invoices, payrolls and many more, at a time. It also allows reconciling of bank accounts to make accounting process simpler.
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Reconcile an Account in QuickBooks Online: Overview
Reconciling is a process wherein each expense made, bills paid or invoices entered is checked against the bank accounts to ascertain they are matching. QuickBooks software is linked to several of user’s bank accounts and credit cards, and thus, these need reconciling every time to ensure the transactions on the software matches that of the bank statements. This part is very much mandatory to make sure that the bookkeeping is up to the mark and updated on a monthly basis. Reconciling is a worthwhile effort to keep the accounts all intact and in place and also to keep track of important transactions.
Why is Reconciliation Essential?
Performing reconciliation every month can resolve any errors pertaining to the accounts and can also keep your financials up-to-date. Otherwise, any errors arising out may cause complex situations requiring you to spend hours to resolve it.
The process is simple and easier to perform. Call in the QuickBooks Enterprise Support to know about reconciliation process and how it can be done with the software. In case of any errors pertaining to the bank account reconciling, call in the QuickBooks Online Support numbers provided for a quick resolution.
How to do Bank Reconciliation in QuickBooks Accounts?
To reconcile your accounts:
- Go to the HOME SCREEN, and click on the ‘GEAR MENU’
- From the drop-down menu, click on ‘TOOLS’ and select ‘RECONCILE TAB’
- The reconcile overlay will ask you to choose the appropriate account you want to reconcile. From the drop-down menu, select the ACCOUNT you would like to reconcile.
- Click on the ACCOUNT<RECONCILE NOW
- Now, enter the details of the statements, by checking the statement end date and the balance amount ending.
- Once done, come back to the QuickBooks desktop. A Reconcile Overlay will be displayed where you can enter the statement end date on the calendar drop-down menu.
- Then, enter the statement ending balance on the overlay, and select ‘OK’ to finish.
- Once you have completed, check the account statement (bank) transaction history with the list displayed on the QuickBooks. Each time there is a match, tick the box on the right, to ensure matching is done. Click on the little box to match or reconcile.
- As and when you finish, the difference value would be zero at the bottom. Once you get the Zero value, click ‘FINISH’ to complete.
- To check if reconciliation is done as required, go back to the ‘RECONCILATION MENU’ and click on it to get the details. Click on ‘RUN REPORT’ to get a detailed report of the reconciliation done. QuickBooks allows you to print the reconciliation report for filing or for future use. Multiple copies of QuickBooks reconciliation report can be printed out from the software.
Reconciliation reports are mandatory and required to be printed out every month to ensure there are no errors created later on. Call in our QuickBooks online customer service team for any assistance on reconciliation and other related queries. The QuickBooks experts team can guide you through the steps of reconciliation process or resolve any errors related to the same.
Contact AccountingHub for QuickBooks Support
QuickBooks customer care representatives are available online 24 x 7, and can offer support on any processes and complaints related to the software on the toll free Quickbooks Support Phone Number .