When you reconcile an account, you compare the beginning balance and transactions listed in your QuickBooks Online company file with your monthly bank or credit card statements to make sure they match.
You know your bank and your 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 these steps to reconcile your accounts.
Begin with the oldest bank statement, and reconcile month-by-month up to the most recent statement.
The further 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, reconciling against each statement, one after the other, in order, up to the most recent statement.
|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.|
Under Tools, select Reconcile.
Select Start reconciling.
From the Account drop-down menu, select the appropriate bank account.
Depending on the type of account, different statement information fields appear.
Enter the statement Ending balance and Ending date.If you aren't prompted to enter an ending balance or statement date, you already have a reconcile in progress for that account.
You can now start comparing transactions to be sure that the information in QuickBooks Online matches the information on your bank or credit card statement.
On the Reconcile page, compare the total number of transactions listed on screen for each transaction type to the number of transactions listed on your statement.If they don't match, see Why doesn't my QuickBooks Online account match my statement?
Repeat this comparison for each transaction listed on your statement.
You can select Save for later from the drop-down menu to save your work.
When your reconciliation is complete, you can be sure that the information in QuickBooks Online matches the information on your bank or credit card statement.
Accounts connected to online banking give you additional information to help you with reconciliation.