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Reconcile an account in QuickBooks

by Intuit•93• Updated 5 days ago

Learn what reconciliation is, how to reconcile your accounts, fix common issues, and use reconciliation reports in QuickBooks Online. Reconciliation can feel tricky, but this article walks you through the process step by step.

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 ÂŁ0.00.
  • Processing payments can sometimes cause a small gap, but this usually resolves quickly.

Start a reconciliation

Before you begin:

  • Make sure your opening balance in QuickBooks matches your real account.
  • Have your latest bank or credit card statement to hand.
  • If you’re reconciling multiple months, start with the oldest statement first.
  1. Follow this link to complete the steps in product. Open this link in a new window
  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 ÂŁ0.00, select Finish now.

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


Fix common reconciliation issues

Sometimes your QuickBooks account balance doesn’t match your bank statement. This can happen for several reasons: missed transactions, incorrect opening balances, or transactions entered with the wrong date or amount. These issues can usually be resolved by reviewing balances and transactions carefully.

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 ÂŁ0.00.

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.

Use reconciliation reports

QuickBooks automatically creates a reconciliation report after each session. This report helps you and your accountant review reconciliations.

  • 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. Open this link in a new window
  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.


What's next?

You might also be interested in the following help articles:

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