Learn the reconcile workflow
by Intuit•3• Updated 1 week ago
Using the Reconcile Companion
The Reconcile Companion extracts data from uploaded bank statements and compares it with the data already in QuickBooks Online.
- Navigate to the Reconcile tab.
- Enter the Ending balance and Ending date.
- Select Upload from this device.
- Find and select the applicable Bank Statement.
- Wait for the Reconcile Companion to finish extracting the statement details.
- Select Start reconciling.
- Review the Insights tab to see the statement comparison results.
- Paired transaction - Transactions in QuickBooks that were successfully matched to the statement
- Transactions in bank feed needs review - Transactions within the statement period that are still in For Review
- Extra transactions in QuickBooks that are already uncleared* - Transactions in QuickBooks that are not on the bank statement
*QuickBooks will also provide a list of potential reasons why there may be extra transactions in QuickBooks that are not listed on the Bank Statement -- e.g. Timing Differences, Duplicate Entries, Manual Entries, or Uncleared Transfers/Deposits.
Just like balancing your chequebook, 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).
Use this guide anytime you need help doing or fixing a reconciliation. If you’re new to reconciliations or need more help, reach out to your accountant. This can get tricky and they know how to handle the next steps.
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