Reconciliation is a process of matching transactions that a user has entered in QuickBooks with the bank statements. It is required to review your accounts in QuickBooks to ensure that the bank and credit card statements are matched. This process is known as reconciling. You are advised to reconcile your savings, checking, and credit card accounts every month. Once you get the bank statements, you have to compare the list of transactions with transactions that have been added into QuickBooks.
In this blog, we are going to discuss the steps of how to reconcile in QuickBooks desktop.
If you get stuck while attempting any of the steps written below, then feel free to get in touch with our team at QuickBooks Support.
Listed below are the steps to reconcile in QuickBooks. You need to follow all the steps in order:
First, you require to back up the company file. After that, you have to review the opening balance only if you are reconciling for the first time. It is necessary to match the balance of your bank account for the day you have chosen to start tracking the account.
You need to make sure that you have added all transactions that you have to reconcile. You are advised to wait for transactions that have not been cleared by the bank yet. Once cleared by the bank, then you can enter all those transactions.
You May Also Read – How to Reconcile your bank in QuickBooks Online?
If you want to reconcile multiple months, then you have to start with your oldest bank statement. Each month should reconcile separately.
If you are not able to match your statement, then do not need to worry. You can use tools in such cases.
In order to track the differences, you need to choose Locate Discrepancies. By doing so, you will get the reports which will assist you in searching the differences between your bank statement and QuickBooks.
Note: In order to change the date of the opening balance of your bank account, you have to undo a previous reconciliation. By doing so, the beginning balance will show the beginning balance of the reconciliation. Along with this, all cleared transactions become unclear on the reconciliation.
If you are wondering of how to reconcile bank account in QuickBooks desktop 2018, then follow the same aforementioned steps.
You have to compare your bank statements with all the information recorded into QuickBooks. The difficult thing is to make sure that you have entered the right dates and transactions. If a transaction is not displaying on your statement, then this indicates that the transaction is not reconciled. Follow the steps written below to make reconciling easier.
Now, you have to follow the points written below to match the bank statement with QuickBooks:
Note: You require to resort the list if there will be more transactions in QB transactions. By doing so, you will be able to search transactions with a reference or with a specific amount become easier.
In the end, the difference between QuickBooks and the bank statement should be $0.00. If so, choose Reconcile now to finish the reconciliation.
Later on, if you require to review the report, then select Reports Center in the Reports menu. Now, you have to search and open the Previous Reconciliation report. Choose the account that has been reconciled recently and after that choose either Summary, Detail or Both.
Important note: Are you are using QuickBooks desktop 2017 or 2018?
The steps of how to reconcile in QuickBooks desktop 2017 and how to reconcile in QuickBooks desktop 2018 are similar to the above-mentioned steps.
Hopefully, you have understood the process of “How to reconcile in QuickBooks Desktop”? The above blog all aspects related to the same. If you still have any further queries, then you are free to get in touch with us by dialing our QuickBooks 24/7 Support Phone Number +1-877-221-952O.