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How do you reconcile a bank statement in quick books self employeed online version

 
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Best answer 09-09-2019

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Moderator

Hello, earthangeldeedee, QuickBooks Self-Employed mainly...

Hello, earthangeldeedee,

QuickBooks Self-Employed mainly tracks business income and expenses to help estimate your taxes. Bank reconciliation is currently not an option available in the program.

I suggest signing up for QuickBooks Online. We offer a 30-day free trial so you can reconcile your bank statement. Please visit this website: https://quickbooks.intuit.com/.

Please see the steps below on how to reconcile an account:

  1. Go to the Gear icon at the top.
  2. Click Reconcile.
  3. Choose the Account and enter the Ending balance and Ending date.
  4. Click Start reconciling.
  5. Select the transactions to reconcile.
  6. Hit Finish now from the Save for later drop-down arrow.

Here’s an article on how to reconcile bank account: Reconcile accounts.

If you have any other suggestions, please don't hesitate to let us know about it. We'd love to hear how we can improve our product and help you with your business.

I'm here if you have additional concerns. Have a great day.

View solution in original post

5 Comments
Moderator

Hello, earthangeldeedee, QuickBooks Self-Employed mainly...

Hello, earthangeldeedee,

QuickBooks Self-Employed mainly tracks business income and expenses to help estimate your taxes. Bank reconciliation is currently not an option available in the program.

I suggest signing up for QuickBooks Online. We offer a 30-day free trial so you can reconcile your bank statement. Please visit this website: https://quickbooks.intuit.com/.

Please see the steps below on how to reconcile an account:

  1. Go to the Gear icon at the top.
  2. Click Reconcile.
  3. Choose the Account and enter the Ending balance and Ending date.
  4. Click Start reconciling.
  5. Select the transactions to reconcile.
  6. Hit Finish now from the Save for later drop-down arrow.

Here’s an article on how to reconcile bank account: Reconcile accounts.

If you have any other suggestions, please don't hesitate to let us know about it. We'd love to hear how we can improve our product and help you with your business.

I'm here if you have additional concerns. Have a great day.

View solution in original post

Level 1

Re: Hello, earthangeldeedee, QuickBooks Self-Employed mainly...

Is there a way to easily transition from Self-Employed to Quickbooks Online without having to recreate all work previously done in the Self-employed?

 

QuickBooks Team

Re: How do you reconcile a bank statement in quick books self employeed online version

Hello there, JulieBraley,

 

Let's download your transactions using a .CSV file in QuickBooks Self-Employed (QBSE), then import them to QuickBooks Online (QBO). This way, you don't have to re-create those entries to QBO.

 

Just a heads up, QBO only allows direct imports of customers, vendors, Chart of Accounts, and products or services in a .CSV format. That being said, you can look for a 3rd party application service, such as Pro Imported or Excel Importer through the App Store

 

To download your data in QBSE:

  1. Open your account in a web browser.
  2. Go to Transactions from the left navigation menu.
  3. Select the desired Type, Account, and Date
  4. Click the Download icon.
    downloadtransactions.PNG

Feel free to read through this article for additional information: Switch to another version of QuickBooks from QuickBooks Self-Employed. It provides instructions to guide you with the process above.

 

Once done saving the downloaded transactions from QBSE, here's how to move them to QBO.

  1. Sign in to your QBO account.
  2. Go to the Banking menu, then select the desired bank where you want to import entries.
  3. Click the drop-down arrow beside Upload, then select File Upload
    importbanktransactions.PNG
  4. Select Browse and find and open the file, then click Next.
  5. In the QuickBooks Account ▼ drop-down menu, select or create the account you want to upload the files to.
  6. Select the statement fields that corresponds to the fields in QBO, then select Next.
  7. Select the transactions you want to move, then Next.
  8. Confirm the importing process, then click Let's go to get started.

QuickBooks has some limitations and here are the answers to common questions about them: Self-Employed: Import, export, and conversion limitations.

 

Let me know if there's anything else you need and I'll get back to you.

Level 1

Re: Hello, earthangeldeedee, QuickBooks Self-Employed mainly...

What's the rationale for NOT being able to reconcile?  

Is there another system in the Quickbooks Online Self-Employed that alerts the client to errors?

Surely there's a workaround - they wouldn't have created an accounting system that doesn't let you do accounting...

QuickBooks Team

Re: Hello, earthangeldeedee, QuickBooks Self-Employed mainly...

Hi @rebfree,

 

QuickBooks Self-Employed (QBSE) helps our self-employed users track their business-related transactions. It also helps calculate federal estimated taxes based on recorded business data. It can help make quarterly estimated tax payments and file Schedule C along with an annual tax return (1040).

 

What I'm saying is, the app isn't an accounting/bookkeeping software. As my colleague @MaryLandT mentioned above, you can use QuickBooks Online (QBO) if you need to do bank reconciliations.

 

You can check out this article to learn more about what features are available in QBSE: QuickBooks Self-Employed Overview.

 

Do you have other questions in mind? Post them below, and I'll get back to you.

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