Reconcile Overview
Reconcile a connected account
Reconcile manually

Reconcile Overview

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One of the easiest examples of reconcile is the process of balancing a checkbook. You take your bank statement and make sure what appears on the statement is recorded in your checkbook. At the end you know what your available balance is for that period and it also helps to uncover discrepancies (like unrecognized charges). 

Reconciling your accounts helps you to compare the transactions recorded in QuickBooks Online  against the transactions processed through your bank.  Only cash-flow accounts can be reconciled; therefore, when you go to reconcile an account, you'll only find accounts listed on your balance sheet in the drop-down box as choices to reconcile.

Periodically (usually once a month) your bank will generate a statement for your account. This statement can either be received in a paper version through the mail or electronically online at your bank's website.  We recommend that you reconcile your account when you receive each month's statement.  If you've never reconciled or you haven't been doing it regularly don't worry, just follow the steps below.

 

Things you will need before starting a reconcile

Before you start a reconcile you will need to make sure you have the following:
  • Begin with the oldest bank statement, and reconcile month-by-month up to the most recent statement
    • The farther back you start, the more likely you are to uncover errors and discrepancies.  If you've reconciled at some time in the past year, you need to start from that point and move forward
    • You must reconcile against each statement, one after the other, up to the most recent statement
    • Banks can reissue old statements upon request if you're missing any
  • On average, manual reconciliations can take up to an hour.  If you have your bank connected to your QuickBooks file, it usually takes less than 10 minutes!

To reconcile a connected account:

  1. Click the Gear Icon > Reconcile.
  2. Click the Reconcile Now button. 
  3. Within the pop up window select the account to reconcile and enter the Statement Ending Date and Ending Balance; if applicable also enter Service Charge, Date, Expense Account, Interest Earned, Date, and Interest Account (this will all be listed on the statement from your bank).
  4. Click OK.
  5. QuickBooks will check off all downloaded and accepted transactions.
  6. In the upper right section of the screen, confirm that the Difference is  0.
    • If the Difference isn't 0, confirm that the opening balance and the ending balance match the bank statement.  If you need to edit this information, click Edit Information from Statement which will let you change the information you entered in the popup interview when you started the reconciliation.
    • For more information on what to do if your reconciliation still doesn't match, click Help at the top right of the screen and then type Reconcile. Additional information is also available here: Troubleshooting your reconcile
  7. Once you've confirmed the difference is 0, click Finish now.

FAQs

Below are some of the most common questions about reconcile.
 







Other common questions

If you didn't see you question above you can check our article  Other common reconcile questions 2905