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mlvsertima-gmail
Level 1

What happens after manually entered my bank entries, how do I reconciled and balance off?

Where do i go next to reconcile?
1 Comment 1
ChristineJoieR
QuickBooks Team

What happens after manually entered my bank entries, how do I reconciled and balance off?

Thanks for reaching out to us, @mlvsertima. Great job on entering your transactions manually. I'm here to share some information on how to start your recording process in QuickBooks Online (QBO).

 

When you add transactions in QuickBooks, they typically go to the For Review tab. From there, you can categorize or match the transactions, which is important for accurate bookkeeping and reconciliation. Categorizing and matching transactions helps ensure that your financial records are up-to-date and accurate.

 

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To categorize a transaction in QuickBooks Online (QBO), you can follow these steps:

 

  1. Log in to your QuickBooks Online account.
  2. Navigate to the Banking or Transactions tab.
  3. Find the transaction you want to categorize.
  4. Click on the transaction to open it.
  5. In the transaction window, you should see a category field where you can select the appropriate account or category for the transaction.
  6. Choose the correct category for the transaction from the drop-down menu.
  7. Once you've selected the category, save the transaction.

 

Once everything is ready, you can reconcile your accounts in QuickBooks Online (QBO), you can follow these steps:

 

  1. Go to Settings ⚙ and then Reconcile. If you're reconciling for the very first time, select Get Started.
  2. From the Account ▼ dropdown, select the account you want to reconcile. 
  3. Enter the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your statement.
  4. QBO will display a list of transactions that have cleared your bank and those that are still outstanding.
  5. Match the transactions in QBO with the transactions on your bank statement. Mark them as cleared in QBO as you verify them on your bank statement.
  6. Once all transactions are matched and the difference is zero.

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I'm also adding this supporting articles that will help you anytime with reconciling your account:

 

 

Reconciling your accounts in QBO is an important step to ensure that your records match your bank's records, and it helps to identify any discrepancies or errors. If you need more specific guidance on reconciling a particular type of account or have any other questions, feel free to ask for further assistance!

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