I'll be happy to guide you on how to reconcile your account, leslie-dale.
Your Paypal transfer will always show a negative amount since it will reduce the bank balance. You'll need to review the opening balance if you're reconciling an account for the first time. To start a reconciliation, you'll have to make sure that you have your monthly bank or credit card statement. Then, reconcile them one statement at a time starting with your oldest statement.
Here's how:
- If your accounts are connected to online banking, make sure you match and categorize all of your downloaded transactions.
- In QuickBooks Online, select Settings ⚙ and then Reconcile. If you're reconciling for the very first time, select Get started to continue.
- From the Account ▼ dropdown, select the account you want to reconcile. Make sure it's the same one on your statement.
- Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your statement. Here's what to do if they don't match.
- Enter the Ending balance and Ending date on your statement. Some banks call the ending balance a "new balance."
- If you see it, review the Last statement ending date. This is the end date of your last reconciliation. Your current bank statement should start the day after.
- When you're ready to start, select Start reconciling.
Once done, compare the transactions on your statement with what's in QuickBooks. Just make sure you have the correct dates and transactions so everything matches.
You'll also want to view, print, or export a reconciliation report if you want a copy for file and have trouble reconciling the following month and when you meet with your accountant.
Please touch base with us here if you need help with your reconciliation. Don't forget, we're here to give the best to answer your needs.
