This video shows you how to reconcile a bank account and how to resolve discrepancies.
Bank Reconciliation Process
Follow the steps below to complete your bank reconciliation process. Before you start, make sure you have your bank statement to hand.
- Click the Gear icon, then Reconcile.
- Select the account you want to reconcile from the dropdown menu.
- Then, enter the Ending Balance and Ending Date of your bank statement. (If this account was reconciled before, look below the Ending date field at the last statement ending date, making sure you're reconciling the following month's statement.)
- Click Start reconciling.
- On the Reconcile page, you'll see all the transactions that you've entered into QuickBooks for the selected period. Using your bank statement as source of truth, tick off all the transactions in QuickBooks, that are listed on your statement.
- Once you've completed the process correctly, the Difference amount should be '0'.
Bank Reconciliation Problems
If the Difference amount is not '0', here are a few things you can do:
- Make sure that the total number of transactions on QuickBooks are the same as the total number of transactions in QuickBooks.
- If the total number of transactions do not match, make sure the dates entered for each transaction in QuickBooks matches the date for each transaction in your bank statement. If there are any missing QuickBooks transactions:
- Select + New.
- Add the transactions you need.
- If the total number of transactions match, make sure that the amount on each QuickBooks transaction matches the amount on each transaction in your bank statement.