Reconcile an account in QuickBooks

Reconciling means comparing your QuickBooks accounts with your real-life bank and credit card statements. The goal is to make sure everything matches so your accounts are accurate.

When you reconcile:

• You compare your QuickBooks transactions with your bank statement for a set period.
• At the end, the difference between QuickBooks and your statement should be GBP £0.00.
• Processing payments can sometimes cause a small gap, but this usually resolves quickly.

1. Follow this link to complete the steps in product.
2. Select the account you want to reconcile.
3. Check for past reconciliations. If you see a message about a past reconciliation, fix it before starting.
4. Verify the beginning balance in QuickBooks matches your statement. Fix errors if needed.
5. Enter the ending balance and ending date from your statement. Some banks may call this the new balance or closing balance.
6. Add any service charges or interest earned during this period if your account isn’t connected to online banking.
7. Select Start reconciling.
8. Compare each transaction in QuickBooks with your statement:
   • Tick the box if it matches.
   • Edit the transaction in QuickBooks if details differ slightly.
   • Leave the box unticked if the transaction isn’t on your statement.
9. When the difference is GBP £0.00, select Finish now.

Tip: If your bank account is connected to QuickBooks, transactions and balances download automatically, and your accounts may already be balanced.

First-time reconciliations

• Check your opening balance. Make sure it matches the balance of your real account on the day you started tracking transactions.
• Fix any errors in the opening balance before reconciling.

No opening balance entered

• If you didn’t enter an opening balance when setting up the account, you can add one later.

Older transactions added

• If transactions dated before your opening balance exist, adjust them so totals stay accurate.

Ongoing reconciliations

• If you’ve reconciled before, check your beginning balance. It should match the balance on your latest bank statement.

Issues during reconciliation

• If your ending balance in QuickBooks doesn’t match your statement, review each transaction until the difference is GBP £0.00.

Editing completed reconciliations

• You can unreconcile individual transactions.
• If you need to undo an entire reconciliation, work with your accountant. These changes can be complicated and may unbalance your accounts.

• Statement beginning balance
• Cheques and payments cleared
• Deposits and other credits cleared
• Adjustments made
• Statement ending balance

Important notes:

• Reconciliation reports are static and won’t reflect later changes.
• They only show reconciled transactions (status R in registers).
• Transactions are reported as posted when saved in QuickBooks.

1. Follow this link to complete the steps in product
2. Go to the search bar and type Reconciliation Report.
3. Select Reconciliation Reports.
4. Choose the Account for the report you want to view.
5. From the Report period drop-down, select the reconcile dates.
6. Select View report.

With your reconciliation report open:

To print, select the Print icon in the upper-right corner and follow the on-screen prompts.

To export to Excel:

1. Highlight the report information.
2. Right-click and select Copy.
3. Open Excel, right-click, and select Paste.
4. Adjust column widths as needed.
5. Save the file.

Note: QuickBooks Online does not currently allow direct export of reconciliation reports to Excel.