Look no further, wainwrig. I’ll guide you through the process and ensure a smooth reconciliation.
Before proceeding, ensure that the amounts in your QuickBooks records match your actual bank and credit card statements. This verification is essential to guarantee you're reconciling the correct month and to identify any discrepancies or errors in your records.
In this case, review your bank statement first for the relevant period to identify cleared transactions. Then, reconcile your account in QuickBooks Online (QBO) to ensure transactions match the records. This will help you identify and correct discrepancies, allowing you to zero out your account for the month.
I'll guide you on how:
- Navigate to the Accounting tab and click on Reconcile.
- Choose the specific bank account you wish to reconcile from the dropdown menu.
- Enter the statement ending date and balance from your bank statement for the month you are reconciling. This step ensures you start with the correct figures.
- Review the information.
- Once done, click Start reconciling.
I'll add this article for more info: Learn the reconcile workflow in QuickBooks.
Additionally, I encourage you to consult an accounting professional to provide further guidance. They can offer helpful insights into your financial situation, explain any challenges you may face during reconciliation, and ensure your accounting practices follow current rules and best standards.
Here are some articles you can check out to learn more about generating a reconciliation report and reconciling older transactions:
Add a Reply below if you have further questions about reconciling your accounts. The Community team and I are here to assist you every step of the way.
