When you reconcile a bank or credit card account, you compare the monthly bank statement with what you have in QuickBooks Online. You know your bank and books agree when the difference between them is $0.00. Learn more about the rewards of reconciliation.

We recommend that you reconcile your account when you receive each period's statement. However, if you've never reconciled or you haven't been doing it regularly, you can still follow this article to reconcile your accounts. Just start with the oldest bank statement that hasn't been reconciled, and keep going until your reach the most recent statement. The farther back you start, the more likely you are to uncover errors and discrepancies.

Tip: On average, manual reconciliations can take up to an hour. If you connect your bank to QuickBooks Online, it usually takes less than 10 minutes.

Reconcile an account

  1. Select the Gear icon at the top, then Reconcile.
  2. Select Reconcile Now.
  3. Select the Account you wish to reconcile. Depending on the type of account you select, different statement info fields display.
  4. If the account was reconciled before, look below the Ending date field at the last statement ending date. Make sure you're reconciling the following month's statement.
  5. Confirm the beginning balance on your statement matches the beginning balance in QuickBooks Online. If they don't match, see My reconcile opening balance is wrong. How do I make it match my statement?.
  6. Enter the statement Ending balance and Ending date.

    Note: If you aren't prompted to enter the ending balance or statement date, you already have a reconcile in progress for that account. You can edit the ending balance or ending date by selecting Edit info once you're in the Reconcile module.

  7. Enter any additional information requested. If your statement doesn't have an amount for any of the additional fields, you can leave them blank. Note that if you're attempting to reconcile an account that is connected to online banking, the Service Charge, Interest Earned and Finance Charge (credit cards) fields are no longer displayed, as these entries are downloaded automatically. 
  8. Select Start reconciling.
  9. Ensure the total number of transactions for each transaction type between your statement and QuickBooks Online matches. If they don't match, see Why doesn't my QuickBooks Online account match my statement? for more information.
  10. On the account statement, find the first transaction, then find the same transaction in the Reconcile window and make sure it's correct. 
    • Select the transaction if its correct. 
    • If a transaction amount is incorrect, select it and manually adjust the amount in QuickBooks Online. Select the transaction once corrected.
  11. Repeat for each transaction listed on your statement.
  12. After reviewing all transactions, look at the difference at the top of the Reconcile window.
 

Note: Accounts connected to online banking have additional features to assist with reconciliation.

  • In addition to the transaction date column, we now have the cleared date column. Cleared date comes from the bank and represents the date the transaction cleared the bank
  • Automatically alert user when they have transaction date and transaction cleared date discrepancies. This is helpful for two scenarios:
    • Transaction has a manually entered transaction date within the statement period, but it cleared after the statement end date. We now automatically uncheck these transactions.
    • Transaction has a manually entered transaction date after the statement period, but it cleared prior to the statement end date. With this date discrepancy, the problem transaction is hidden from view because it is dated after the statement end date. We present the user with an alert to Show Hidden Transaction.
  • If the account is currently connected to online banking but the transaction did not originate from the bank, or have a match from the bank, it will not have a date within the cleared date column and the automation detailed above does not apply.
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