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tinalarkin
Level 1

Reconciling saving account with no activity but interest (QBO)

I'm reconciling our saving account but the interest won't allow a $0 balance (QBO).  How can I handle this?  Thank you in advance. 

4 Comments
MaryLandT
QuickBooks Team

Reconciling saving account with no activity but interest (QBO)

Let me help reconcile your savings account in QuickBooks, tinalarkin.

 

Aside from the interest entry, you need to check if there are missing transactions or duplicates that won't make the balance to zero. 

 

You need to compare each entry from the bank statement with the ones you have in QuickBooks. Doing this will make sure the saving account is balanced and accurate.

 

During the reconciliation process, go through your accounts in QuickBooks line-by-line, checking that individual item amounts and aggregate totals match what's on your bank statement.

 

Do this until the difference between the QuickBooks account and your bank statement(s) is $0. To prevent incorrect balance, you need to record transactions as they occur in real-time. Then, reconcile accounts frequently.

 

You also need to review the opening balance if you're reconciling for the first time. The amount should match your real-life savings account.

 

Once all set, check out this link for instructions and detailed steps: Reconcile an account in QuickBooks Online.

 

If the balance isn't balanced, here's the solution: Fix issues the first time you reconcile an account in QuickBooks Online.

 

Keep me posted if you need additional information about this by commenting below. I'm always around until you're able to reconcile your savings account.

tinalarkin
Level 1

Reconciling saving account with no activity but interest (QBO)

 
tinalarkin
Level 1

Reconciling saving account with no activity but interest (QBO)

I appreciate your respond, but I dont think its helpful or maybe I do not understand, as im new to QBO, for it to be helpful.  I attached what im looking at in QBO. i dont have anything to "blue check" to get to $0 difference/balance.  the physical statement mentions a few cents (deposited interest) and I see that language in the register.  Im sure this is a simple click of something, but what?  If I change the ending balance then it won't match the next month's statement. I've done 6mths on reconciling already and all $0, and now this statement is new for me.  I'm frustrated and may consider direct assistance. _.jpeg

LollyNino_C
QuickBooks Team

Reconciling saving account with no activity but interest (QBO)

Thank you for sharing your concerns here in the Community, @tinalarkin

 

Let me provide some insights about reconciling accounts in QuickBooks. 

 

You need to compare the transactions on your statement with what's in QuickBooks. Make sure that everything matches.

 

 

Here's how: 

 

  1. Go to the Accounts menu and choose Chart of Accounts
  2. Find the same transaction in the Reconciliation window, select Edit info.
  3. Compare the two transactions.
  4. Review the Ending balance and Ending date.
  5. Compare each transaction on your statement with what's in QuickBooks.
  6. When you reach the end, the difference between your statement and QuickBooks should be $0.00. If it is, select Finish now

Here's how to review and fix everything if the transactions don’t match. 

 

You can check out this article for more details about reconciling older transactions

 

 

Please let me know if there's anything else that I can do to assist you.  

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