
Learn the reconcile workflow
by Intuit•3• Updated about 11 hours 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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