Reconcile Assets, Liability and Equity Accounts in Chart of Accounts (Quickbook Online)

[luzbeaty1]

Hello, 

I see in the type of accounts Assets, Liability and equity the option to Reconcile. I usually reconcile bank accounts such as "checking" and "credit card" (the ones located in the tab Banking". Do I need to reconcile account in "Chart of Account"?. If yes, could you please explain me how to do it, because unlike the bank accounts, I don't have bank statements to get ending balance and ending period. Thank you in advance for your prompt reply. 

[Charies_M]

Thanks for checking in with us, luzbeaty1.

I'd love to help  you with your concern.

When you reconcile bank accounts through the Banking page, did you click the Go to Register? If so, this will route you to the Chart of Accounts. So if you're done reconciling it, then there's no need to for you to reconcile again.

Here's an article to learn more about the step by step guide on how to reconcile accounts in QuickBooks Online (QBO): Reconcile your accounts.

If you need more guidance with the process of reconciling accounts in QBO, just let me know. I'd be more than happy to help.

[luzbeaty1]

Hello @Charies_M 

I reconcile my bank accounts every month through the banking page, but I am wonder if I need to reconcile other accounts located in Chart of Accounts such as "Long term Liabilities", "Owner equity", etc. In the attached screen, you will see the "Owner equity" which show up "Reconcile" button, as it has not been reconciled.

Thank you so much!

[AlexV · Accepted solution]

Hello there, luzbeaty1.

The Banking page isn't where you'll process the reconciliation. It's an overview of your downloaded bank transactions. From there, you can match or add them to your register.

You can reconcile the transaction from these accounts as long as you have the bank statements as your basis. Reconciliation can only be done if these accounts are connected to your credit card or bank accounts.

Check this article as your guide: Reconcile hub.

I'm always here if you need more help.

[luzbeaty1]

Thank you @AlexV for your response. So I will continue only reconciling the checking bank and credit card accounts (no other accounts such as Lon term liability etc.)

Have a nice weekend.

LB 

[JonpriL]

You're all correct, @luzbeaty1!

When you reconcile your accounts, you're only comparing all your transactions from your financial statements and your accounts in QuickBooks.

Thus said, there isn't a need to reconcile your accounts other than your bank and credit card accounts.

As always, you can visit our Help Articles page for QuickBooks Online if in case you need to learn some "How do I" steps.

If there's anything else, please let me know in the comment section down below. I'll be always around ready to help.