Reconcile an account in QuickBooks Desktop
Users should know how to reconcile an account in QuickBooks Desktop to match their account transactions with the bank records. To maintain the accounting data accurately, it is advisable for users to reconcile the QuickBooks desktop regularly. The process is quite similar to that of balancing checkbooks and is termed reconciling.
Steps to follow for Account Reconciling:
The first step would be to back up the company file. For first-time users, it is crucial to get the opening balance reviewed. It should be matching with the existing bank account balance for any particular day that’s decided for the purpose of account tracking in QuickBooks. Any mismatch would be an indication of incorrect reconciliation of past records.
Users should record all transactions related to the bank statement period that is supposed to be reconciled. They have to wait for the entry of transactions that remain uncleared by the bank and doesn’t reflect on the statement.
The reconciliation process can be started once the user receives the bank statement. The process should begin with the oldest month bank statement in case of multiple months of reconciliation. At one time only one months’ statement should be reconciled. Separate reconciling is mandatory for each month. Let’s begin with the reconciling process:
Users can proceed with the reconcile by merely comparing the transactions list reflecting on their bank statement with that in QuickBooks. However, it is important to have the correct dates and transactions entered. Once the statement has been reviewed it is clear that everything has been entered into the QuickBooks. To reconcile an account in QuickBooks Desktop simply the following steps would be helpful:
The above-mentioned steps would guide the users to reconcile their banking transaction records smoothly and easily. If at any point they find it tricky then they can connect with the QuickBooks Support services helpdesk and get it done.