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Intuit

Learn the reconcile workflow in QuickBooks

Here's everything you need to keep your QuickBooks accounts accurate.

Just like balancing your chequebook, you need to review your accounts in QuickBooks to make sure they match your real-life bank and credit card statements. This process is called reconciling.

Use this guide anytime you need help starting or fixing a reconciliation. This is a brief overview of the process. Here's a detailed look at reconciling if you want a deeper dive.

Start a reconciliation

Check the account's opening balance

When you create a new account in QuickBooks to track a bank or credit card account, you need to enter an opening balance.

The first time you reconcile the account, double-check the opening balance and make sure it's accurate.

Reconcile the account

Once you get your monthly bank statements, you can start reconciling your accounts.

You'll compare each transaction in QuickBooks with what's recorded on your bank statement. At the end of the reconciliation, the difference between the account in QuickBooks and your bank statement should be $0.00.

Fix a reconciliation

Sometimes things get missed—it's bound to happen every once in a while. If you find a mistake in a reconciliation, here's the process for fixing it. Review each part of your reconciliation in this specific order.

We know this can be tricky. 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. Don't have an accountant? We can help you find one.

Reconciling an account for the first time

If you're reconciling an account for the first time, review the opening balance in QuickBooks. Make sure it matches the balance in your real-life account for whatever day you picked. If it doesn't, don’t worry. Here's how to fix common issues:

If you forgot to enter an opening balance and you're already tracking transactions in the account, don't worry. Here's how to enter an opening balance later on.

If you recently entered older transactions that come before your opening balance, here's how to reconcile them.

Reconciling an account you've reconciled before

If you've reconciled an account in the past, review the beginning balance in QuickBooks.

The beginning balance in QuickBooks needs to match the beginning balance amount and date on your bank statement. If it doesn't, here's how to fix it:

Fixing issues during a reconciliation

If you already reviewed your opening and beginning balances, focus on the ending balance in QuickBooks.

At the end of a reconciliation, the difference between the ending balance in QuickBooks and your bank statement should be $0.00. If there's still a difference, your accounts aren't balanced. Here's how to fix it:

Edit completed reconciliations

If you need to make changes after you reconcile, start by reviewing a previous reconciliation report. If you reconciled a transaction on accident or it's an error, you can unreconcile individual transactions.

If you adjusted a reconciliation or need to undo the entire thing, reach out to your accountant. These kinds of changes can get complicated and quickly unbalance your accounts. Your accountant knows the right steps.

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