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TTB76
Level 1

Reconciling using the bank feed

Is it possible to reconcile your checking account using the bank feed?  I already have all my entries made into the checking account at the end of the month but wondered if there was some way to use the bank feed to reconcile the checking account.  I didn't know if you could import just the items from your bank statement, match them up and complete the reconciliation.  

Solved
Best answer February 26, 2021

Best Answers
CharleneMae_F
QuickBooks Team

Reconciling using the bank feed

Hi there, TTB76.

 

I'm here to share some details about the reconciliation process. When reconciling an account in QuickBooks Desktop, this can only be done on the Reconcile page. Once you have your bank statement, you can start the process.

 

Before proceeding, secure a backup of your company file. If this is your first time, review the opening balance. This needs to be matched to your real-life checking account. You also have to make sure you enter all transactions for the bank statement period you plan to reconcile. 

 

Once done, let's reconcile your checking account. Here's how:

 

  1. Go to the Banking menu and then select Reconcile.
  2. In the Account field, select the checking account.
  3. The Statement Date is automatically filled in. Change it as needed to match your bank statement.
  4. QuickBooks automatically enters the Beginning Balance. Make sure it matches the beginning balance on your bank statement.
  5. In the Ending Balance field, enter the ending balance which appears on your bank statement.
  6. Enter the amounts in the Service Charge and Interest Earned section. Don't enter charges you've already entered in QuickBooks.
  7. Review the fields. 
  8. If the info is correct, select Continue to start reconciling.

 

For further guidance with the process, please see this article: Reconcile an Account in QuickBooks Desktop.

 

Once done, you can click on Display to view the Reconciliation report or click Print to have a handy copy of the data.

  1. Go to the Reports menu and select Reports Center.
  2. Search for and open a Previous Reconciliation report.
  3. Select the account you reconciled and then either DetailSummary, or Both.

 

I suggest keeping me posted if you need a hand with running your business in QuickBooks. Assistance is just one click away.

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9 Comments 9
CharleneMae_F
QuickBooks Team

Reconciling using the bank feed

Hi there, TTB76.

 

I'm here to share some details about the reconciliation process. When reconciling an account in QuickBooks Desktop, this can only be done on the Reconcile page. Once you have your bank statement, you can start the process.

 

Before proceeding, secure a backup of your company file. If this is your first time, review the opening balance. This needs to be matched to your real-life checking account. You also have to make sure you enter all transactions for the bank statement period you plan to reconcile. 

 

Once done, let's reconcile your checking account. Here's how:

 

  1. Go to the Banking menu and then select Reconcile.
  2. In the Account field, select the checking account.
  3. The Statement Date is automatically filled in. Change it as needed to match your bank statement.
  4. QuickBooks automatically enters the Beginning Balance. Make sure it matches the beginning balance on your bank statement.
  5. In the Ending Balance field, enter the ending balance which appears on your bank statement.
  6. Enter the amounts in the Service Charge and Interest Earned section. Don't enter charges you've already entered in QuickBooks.
  7. Review the fields. 
  8. If the info is correct, select Continue to start reconciling.

 

For further guidance with the process, please see this article: Reconcile an Account in QuickBooks Desktop.

 

Once done, you can click on Display to view the Reconciliation report or click Print to have a handy copy of the data.

  1. Go to the Reports menu and select Reports Center.
  2. Search for and open a Previous Reconciliation report.
  3. Select the account you reconciled and then either DetailSummary, or Both.

 

I suggest keeping me posted if you need a hand with running your business in QuickBooks. Assistance is just one click away.

Its-electric
Level 2

Reconciling using the bank feed

I am trying to find an answer to the same question. My entries are posted in Quickbooks daily so I don't necessarily need to use bank feeds to add transactions, but if it could speed up the matching process of the reconciliation that would be extremely helpful. If it is not capable of this, it should be. 

 

Any input on this topic would be appreciated.

Joesem M
Moderator

Reconciling using the bank feed

Thanks for joining this thread, @Its-electric.

 

You can create a bank rule in QuickBooks Desktop. This will auto-check all transactions with the same information to speed up the matching process.

 

To get started, let's turn on this feature in the Edit menu, here's how:

 

  1. Click Edit at the top menu bar and choose Preferences.
  2. From the left panel, click Checking and go to the Company Preferences.
  3. Under the Bank Feeds section, enable the options for Create rules automatically and Always ask before creating a rule.
  4. Hit OK.

 

Once done, you can now create a bank rule. Let me show you how.

 

  1. Go to Banking on the menu.
  2. Choose Bank Feeds, then Bank Feed Center.
  3. Click the Rules icon.
  4. Select Manage Rules drop-down then choose Add New.
  5. Add Rules Details.
  6. Enter a word or phrase you want to use as the condition for the rule.
  7. In the Do This section, enter the Payee name or the Account name.
  8. Click Save.

 

After you download transactions into your Bank Feeds, they are usually categorized as:

 

  • (Auto) Matched: The downloaded transaction corresponds to the one you’ve entered into this account register in QuickBooks.
  • (Need Your Review) Unmatched: The downloaded transactions don’t match any transaction in this account in QuickBooks.

 

To know more about how bank rules work in QuickBooks Desktop, check out this write-up: Use renaming rules for Bank Feeds. This will provide you steps on how to fix common issues with this feature.

 

Additionally, I've also included these helpful articles for the troubleshooting steps in case you'll bump into issues while working with your bank transactions and how to reconcile your account:

 

 

Let me know if you have any other bank feed concerns or if you have other questions in mind. I want to make sure I've got you covered. I'll get back to you as quickly as I can if you need further assistance.

 

Its-electric
Level 2

Reconciling using the bank feed

That is helpful information. Maybe you can clarify something for me. When I go in to reconcile, will all of the transactions matched through the bank feeds be checked as reconciled? That is what I would like to see happen.  I haven't used bank feeds yet and want to make sure it does what I need before I start.

 

I don't want to use it if I will have to match the transaction in bank feeds and then match again to the bank statement when I reconcile.

 

 

JasroV
QuickBooks Team

Reconciling using the bank feed

I appreciate your prompt reply and for adding some clarifications, @Its-electric.

 

Allow me to share with you some insights about reconciling your accounts in QuickBooks Desktop (QBDT).

 

If QuickBooks finds a match from your bank statement, the transactions will be checked in your Reconciliation window. However, if QuickBooks doesn’t find a match, you’ll need to manually match your transactions to reconcile them.

 

To be guided through the process seamlessly, check out this article for your reference: Reconcile an account in QuickBooks Desktop.

 

In case you run into some issues when reconciling your account, you can utilize this link on how to get around the issue: Learn the reconcile workflow in QuickBooks.

 

If you have any concerns or questions matching your bank balance and QuickBooks balance, tag me in your reply. I’ll be around to help and back you up. Have a good one and keep safe!

lorihansen
Level 1

Reconciling using the bank feed

No one is getting the point here. You are not reading the initial question.

 

I manually enter bank transactions and download from the bank.  The transactions are checked as downloaded on the bank register but not "cleared" for the bank reconciliation.  

 

IT WOULD BE NICE IF TRANSACTIONS, ONCE MARKED AS DOWNLOADED IN THE REGISTER ARE ALSO MARKED AS CLEARED ON THE BANK RECONCILIATION.

 

I perform interim bank reconciliations so when I download transactions and mark them as downloaded, it removes the CLEARED denotation in the reconciliation.  Perhaps considering downloaded transactions as cleared would work.  This feature works great in QB Online - why doesn't it to the same for desktop?

 

 

lorihansen
Level 1

Reconciling using the bank feed

READING THROUGH THIS THREAD - ALL OF YOU QB EMPLOYEES ARE NOT GETTING THE QUESTION.

 

When QB desktop downloads bank transactions, it indicates the download in the check register using the lightning bolt.  Unfortunately it does not mark that same transaction as "CLEARED" in the bank reconciliation.  How can QB automatically move those downloaded transactions to the bank reconciliation as cleared like QBO does?

 

This would totally speed up the reconciliation process.

 

Lori Hansen 

AlexV
QuickBooks Team

Reconciling using the bank feed

Good day, lorihansen!

 

Let me explain more about the downloaded transactions and reconciliation in QuickBooks Desktop.

 

The Reconciliation page shows us all the unreconciled transactions. Both cleared from the bank and manually entered transactions are displayed.

 

Currently, the reconciliation page won't reflect what are the entries that are cleared from the bank. We just need to make sure to refer to your bank statement cause it is our partner for accurate reconciliation.

 

Here are some of the articles you can check. These will discuss more on how to handle your bank transactions in QuickBooks Desktop:

 

Need more assistance? Leave a comment below and we'll help you. Take care!

jcweb
Level 2

Reconciling using the bank feed

Since, Bank Feeds won't post a recognized transaction to the reconciliation window, then Bank Feeds in QB Desktop is useless.

 

Intuit is keeping up their stellar customer service by not paying attention to this thread, or getting rid of Internet Explorer 11....

 

 

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