In this window, you choose the account to reconcile and review information about it including the beginning and ending balance, as well as the statement date. It is important that all information in this window is accurate before you proceed to the next step.
To open the Begin Reconciliation window, go to the Banking menu and select Reconcile.
- In the Account field, enter or select the bank or credit card account you want to reconcile.
- The Statement Date is automatically filled in. Usually it is 30 or 31 days after the statement date you entered for the previous reconciliation. You can change it as needed.
Note: If you will change the date, be reminded that it should always be the ending date of the month you are reconciling.
- Beginning Balance is automatically filled in. It is the sum of all previously cleared transactions. Check to make sure it is the same as the opening balance shown on your statement.
What if the beginning balance is incorrect? The beginning balance will be incorrect if a previously cleared transaction in your register was voided, deleted, or changed, or a new transaction was added and cleared since your last reconciliation. You can run several reports to find reconciliation discrepancies.
- In the Ending Balance field, enter the ending balance from your statement.
- If the financial statement shows a service charge or interest that you haven't yet entered into your QuickBooks records, enter those amounts into the Service Charge and Interest Earned section.
Important: Don't enter charges you have already entered as QuickBooks transactions.
- Select the Undo Last Reconciliation button if troubleshooting requires you to revert to the previous reconciliation.
- If all information is correct, select OK to proceed to the Reconcile window.