Reconcile an account in QuickBooks Online

Just like balancing your checkbook, you need to regularly review your accounts in QuickBooks. You need to make sure the amounts match your real-life bank and credit card statements. This process is called reconciling (or a reconciliation).

You can make changes to past reconciliations, but be careful! Changes to completed reconciliations can unbalance your accounts and other reconciliations. It also affects the beginning balance of your next reconciliation.

Step 1: Get Your Financial Statements

1. Check out our complete reconciliation guide to understand the full workflow.
2. You can also make small edits if needed right within this window.
3. To reconcile, simply compare the list of transactions on your bank statement with what’s in QuickBooks.
4. When you have your bank statement in hand, you’ll compare each transaction with the ones entered into QuickBooks.

If you forgot to enter an opening balance and you’re already tracking transactions in the account, here’s how to enter an opening balance later on. Sometimes things get missed – it’s bound to happen every once in a while. If you find a mistake in a reconciliation, don’t worry. what is a chart of accounts and why is it important Follow the section based on what type of account you’re reconciling.

Reconcile an account in QuickBooks Online

Check out our complete reconciliation guide to understand the full workflow. After entering the statement date and ending balance, you’ll see a list of transactions that need to be reviewed and matched. Go through each transaction and ensure that it matches the transactions on your bank or credit card statement.

Step 4: Match Payments

If everything matches, you know your accounts are balanced and accurate. We recommend reconciling your checking, savings, and credit card accounts every month. We recommend reconciling your current, savings, and credit how do you calculate net income attributable to non controlling interest card accounts every month.

Start your journey to increased cash flow today!

If you’re reconciling an account for the first time, review the opening balance. It needs to match the balance of your real-life bank account for the day you decided to start tracking transactions in QuickBooks. If you need to make changes after you reconcile, start by reviewing a previous reconciliation report.

You can see transactions that have come directly from your bank feed, and transactions that you’ve manually added in QuickBooks. You’ll want to look at your statement, starting with the first transaction listed and find that same transaction in the Reconciliation window in QuickBooks. If your accounts are connected to online banking, make sure you match and categorize all of your downloaded transactions. If you reconciled an account more than once, you likely already reviewed the opening balance. If you added older transactions to QuickBooks that are dated before your opening balance, it may impact the account’s total. Here’s how to reconcile older transactions so everything stays balanced.

Reconciling on Quickbooks is efficient because the software is able to do a lot of the work for you. However, it’s still crucial that you ensure you are entering all the right numbers and double checking every result presented. To reconcile, simply compare the list of transactions on your bank statement with recession proof businesses what’s in QuickBooks. You can make changes to past reconciliations, but be careful. Changes can unbalance your accounts and other reconciliations.