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Reconcile an account in QuickBooks Online

by Intuit•28• Updated 2 weeks ago

Learn how to reconcile your accounts so they always match your bank and credit card statements.

Reconciling is the process of matching the transactions you've entered in QuickBooks with your bank and credit card statements. Regularly checking your accounts helps you watch your business grow, find possible suspicious activity, and avoid bookkeeping mistakes.

Prerequisites

Before you start, have your account statement for the account you want to reconcile ready. Make sure that all transactions for the statement period have been added and categorised in QuickBooks.

If you’ve connected your bank or credit card, QuickBooks Online automatically enters the starting balance and downloads transactions for you.

Reconcile an account

Follow these steps to begin your reconciliation.

  1. Follow this link to complete the steps in product. Open this link in a new window
  2. If you're reconciling for the first time, select Get started.
  3. From the Account â–Ľ dropdown, select the account you want to reconcile.
  4. Review the Last statement ending date. Your current account statement should start the day after this date.
  5. Enter the Ending balance/Statement ending balance and Ending date/Statement ending date from your account statement.
  6. Optional: If you are using our AI-powered reconciliation, upload the account statement. Wait for the file to upload and be verified. This may take up to an hour.
  7. When you're ready to start, select Start reconciling.

Match and clear transactions

QuickBooks will display a list of your transactions next to the transactions on your account statement. You will match the transactions in both lists.

  1. Compare the list of transactions in the reconciliation window with your account statement.
  2. Tick the box next to each transaction in the reconciliation window that matches a transaction on your account statement. This adds them to the reconciliation.
  3. As you select transactions, the Cleared balance will change. Continue matching until the Difference is AUD0.00. This means your account is balanced.
  4. If your account isn't balanced, you can select Edit info to adjust the Ending balance/Statement ending balance or Ending date/Statement ending date.
  5. Once the difference is AUD0.00, select Finish now, then select Done.

Note: If you have connected a bank account to QuickBooks Online , your transaction info comes directly from your bank. In some cases, your accounts may already be balanced.

Result

Your accounts are now reconciled and up to date.

After finishing, QuickBooks saves a reconciliation report. To see these reports, on the Reconcile page, select History by account.

Related links

Have any other questions for our team?

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