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Does anyone know how to reconcile bank accounts when sweep accounts are used? We started using sweep accounts with Key Bank and I'm not sure what to do with the debits and credits that are being downloaded into quickbooks online but I have been unable to reconcile for several months now. As of now, I have been excluding them all but the ending balance on the sweep statements are $0 but clearly that is not accurate as there is money in the accounts. Please let me know if you need additional information.
I'll guide you on how you can reconcile sweep accounts, Tina5.
We reconcile to help us certify the accuracy and integrity of our financial records. It is recommended that small businesses go through the reconciliation process at least on a monthly basis, although some may do it daily for cash flow reasons.
In QuickBooks Online (QBO), once you have your monthly bank or credit card statement, you can start reconciling with the oldest statement. To do so, follow the steps outlined below:
Moreover, QuickBooks Online automatically generates a reconciliation report for every session. Learn how you can view, print and export them using this article: How Do I View, Print, Or Export A Reconciliation Report?
Reach out to us if you have any concerns when reconciling accounts. We're here to get make sure we got you covered.
I know how to reconcile bank accounts but since we started using sweep accounts, the reconciliation isn't accurate. There are debits and credits being downloaded from the bank that I have been excluding thus far but the balances on the statements, both the regular bank statement and the sweep statement don't match. They don't match even if I add all of the downloaded debits and credits. The bank has not been at all helpful.
I'm here to ensure your regular bank statement matches your sweep statement, tina.
Let's record the downloaded transactions from your bank account as a transfer. Doing so ensures the balance match with the sweep account. Beforehand, let's remove them in the Excluded section. Here's how:
Once done, let's go to the For review page to record the transactions as transfers. I'll show you how:
For more details about categorizing your bank data, please see this article: Match Bank Transactions in QuickBooks Online.
Moreover, it is recommended to review downloaded bank and credit card transactions to ensure they're added to the correct accounts.
I'm here to assist you with any future concerns you may have regarding reconciling data in QuickBooks. Feel free to post your questions or any follow-up inquiries on this topic, and I'll be happy to help.
How to reconcile bank statement thru Quick Books desk top with a sweep account
Hello there, @Sky Hi. Reconciling bank statements using sweep accounts in QuickBooks Desktop is an easy process and I want to ensure you that I'm here to help you through performing it.
If your sweep account functions as a regular cash account, you only need to enter the transactions and reconcile the cash balance at the end of each month based on the statement provided.
Once you get your bank statement, here's how you can reconcile:
If the starting balance doesn't match your statement, there's no need to worry. There are several tools available to assist you in resolving this issue.
I'd still suggest getting in touch with your accountant to get advice from technical and accounting perspectives. If you don't have one, you can visit this website: Find a ProAdvisor.
Additionally, I've included these articles to help you in case you run into issues or discrepancies during reconciliation:
Please get back to us whenever you need extra help reconciling bank statements in QuickBooks Desktop. I'll be right here to provide some more information to make sure everything is accurate. Keep safe.
I also had difficulty with reconciling the Sweep accounts, because I set them up as a subaccount to the associated checking account. I was only able to reconcile once I removed the subaccount affiliation, otherwise both sides of the entries were reflected in the associated checking account.
Unfortunately, I was only able to change the subaccount setting by deleting it and creating a new account. Luckily, I found this issue in the first month's reconciliation, so it was not difficult to unwind. Good luck!
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