Reconciling credit cards & bank statements..

GLEOffice · ‎March 25, 2019

So, I'm new to QB and book-keeping in general! But I'm slowly learning.

I recently learned how to enter credit card charges, to record expenses for job materials, tools, etc. But now I'm learning that I need to reconcile these, to get a 0 balance to show? And that I have to do it via entering bank information + credit card information then make the payments on QB?

My question is... is the making payments on QB actually going to take out of my bank? Or is it just a recording of a payment that's been made? I.E. If I've put a credit card charge for 100$ toward Home Depot as the vendor, then if I input it as a payment as well, to balance it to 0, will it actually take from my bank account and pay the select CC [the one related to the charge?]?

Likewise, if I record my bills and "make a payment" on QB for them, will it take from my bank or just record that the payment was made?

I'd rather be safe than sorry, thus why I'm asking, haha. Thanks in advance!

Catherine_B · ‎March 26, 2019

Hi there, GLEOffice.

QuickBooks is a reflection of the actual cash flow of your bank accounts. The process of reconciliation is matching transactions you recorded in QuickBooks to the transactions created outside. This is to know that all your transactions are accounted for and should have a difference of zero between them.

Although, you have entered your bank information, QuickBooks will not automatically take out money from your bank account. Unless, you'll want use the Pay bills feature in which you can process payments online through QuickBooks.

You'll want to check these article that will help you through the reconciliation process:

Reach out to me if you have other concerns. I'm here to help!

View solution in original post

Catherine_B · ‎March 26, 2019

Hi there, GLEOffice.

QuickBooks is a reflection of the actual cash flow of your bank accounts. The process of reconciliation is matching transactions you recorded in QuickBooks to the transactions created outside. This is to know that all your transactions are accounted for and should have a difference of zero between them.

Although, you have entered your bank information, QuickBooks will not automatically take out money from your bank account. Unless, you'll want use the Pay bills feature in which you can process payments online through QuickBooks.

You'll want to check these article that will help you through the reconciliation process:

Reach out to me if you have other concerns. I'm here to help!

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