QuickBooks Online bank reconciliation is a process in which transactions that you have entered into QuickBooks Online are matched against your bank records and credit card accounts. You should know how to reconcile bank in QuickBooks on a regular basis. You can find account reconciliation to be trouble-free if your online bank accounts are properly connected to QuickBooks Online and regular upkeep is done throughout the month.
There are many reasons that make QuickBooks Online bank reconciliation a vital practice.
First of all, financial reports will only be valuable if balances in QuickBooks Online are in perfect match with your bank and credit card statements.
The second reason that makes account reconciliation important is that it allows you to accurately process your tax returns at the end of the financial year.
Another reason is that by doing QuickBooks bank reconciliation regularly, you are aware of how much money exactly you have in the bank and you are sure that you are always using accurate data. This accurate knowledge helps you in making smart, informed decisions regarding your business.
Follow these steps to understand how to reconcile bank in QuickBooks Online–
The difference-value may not match $0 because of the following –
To avoid these above-mentioned problems, you should know how to reconcile in Quickbooks online frequently. You have to resolve these problems systematically.
You can also undo reconciliation in QuickBooks Online. For this, you have to sign in as an accountant user and open the company file from QuickBooks Online Accountant (QBOA). Then, you have to open the account, look for the reconciliation, and finally, undo it.
A QuickBooks bank reconciliation report, or simply, a reconciliation report is an automatically generated report by QuickBooks Online after you finish reconciling. This report helps you if in case you face QuickBooks bank reconciliation problems the following month. Reconciliation report provides a summary of the beginning and ending balances. It also gives you a list of cleared and uncleared transactions.
Follow the following steps to view a reconciliation report –
It may happen that you find a different QB opening balance this month, even though the QuickBooks Online bank reconciliation process was completed last month correctly. This implies that a discrepancy has occurred in the books. A reconciliation discrepancy can occur if somehow previously reconciled transactions have got deleted, added, or modified. Adjustments such as journal entries can also lead to a discrepancy.
If you face any type of QuickBooks Online bank reconciliation problems, want to know how to reconcile in QuickBooks online in brief, or are having any issues with QuickBooks online undo reconciliation process, you can call us at our QuickBooks Online Tech Support Number 1-888-502-0363 to get expert technical assistance.