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Tag quickbooks reconciliation discrepancy

How to Process Bank Reconciliation in QuickBooks?

How to Process Bank Reconciliation in QuickBooks?

QuickBooks is a comprehensive software for accounting and bookkeeping and provides you a greater facility to reconcile your bank accounts on a monthly basis similar to your personal bank accounts. With the help of your QuickBooks Online account, you will be able to process your transactions on your bank statements that are recorded in your QuickBooks. Through the reconciliation process, you can resolve any discrepancies between your records and the banks and also you get timely notification of any fraudulent transactions. You get multiple benefits of recording your bank accounts in QuickBooks as you get a complete record of all your transactions in your QuickBooks. Your financial statements will be up-to-date. Whenever the transactions are cleared it will get marked in QuickBooks. Also, you will be able to get the detailed report of cleared and remaining items. You can contact at QuickBooks customer support number to get aware of all the process in detail. Otherwise, you can read this blog till the end to know the whole process with easy steps.

Steps to Reconcile your Bank/Credit card accounts in QuickBooks:

To make your accounting process much easier you need to complete your bank reconciliation and with the steps are given below you can complete the process easily. All you need to do is follow these steps carefully:

  • Click on the Gear icon from the home page
  • Select the “Reconcile” option below the Tools column
  • Now you need to fill out some fields such as Account, Beginning balance, Ending balance and ending date
  • After providing this information accurately click on the “Start reconciling” button to proceed further
  • Now you can see the new and improved reconciliation layout
  • Then you have to mark items as cleared one by one as per your preferences.
  • When you have done the process you will see a difference of $0.00
  • Now click on the “Finish now” button to complete the process and it will generate a bank report. All the process will automatically be done by the QuickBooks.
  • Now you can check your reconciliation reports and save it to the desired folder.

Some troubleshooting tips for reconciling bank/credit card accounts in QuickBooks Online:

The above-mentioned methods were clear and easy but if you are unable to get the difference of $0.00, these tips can be very helpful:

  • Narrow down your searches to the transaction type. Check the balance with the withdrawals and payments or deposits.
  • In case you are out of balance for deposits and withdrawals, you need to handle these cases separately.
  • Make sure that you have selected all the transactions in the reconcile window.
  • You should take a break during the process and don’t make it hectic for you. You can choose the “Finish later” option to save your work and start again at that point.
  • Make sure that you get the difference of $0.00. Until then you should not leave the window.

Get the QuickBooks customer support for better assistance:

As you have seen that the process is quite complex. You will become accustomed after one or two attempts but if you need any help you can contact QuickBooks customer service number anytime that will give you the perfect advice with professional solutions.