To reconcile your credit card payments in QuickBooks Online (QBO), ensure that your QuickBooks accounts align with your bank and credit card statements, @nwortman. I'll guide you through reconciling your bank and credit card statements.
Before starting the reconciliation process, verify that your QuickBooks transactions align with your bank statement to ensure the accuracy and balance in your accounts.
Once you have your monthly bank or credit card statement ready, you can proceed with the reconciliation:
- If you link your accounts to online banking, ensure you match and categorize all your downloaded transactions.
- Go to the Gear icon and then Reconcile.
- From the Account dropdown, select the account you want to reconcile. Make sure it's the same one on your statement.
- Ensure that the Beginning balance matches the one on your statement.
- Enter the Ending balance and Ending date amount.
- Review the Last statement ending date. It is the end date of your last reconciliation. Your current bank statement should start the day after.
- When you're ready to start, select Start reconciling.
Also, it's a good practice to reconcile your checking, savings, and credit card accounts monthly. This will help catch errors early and ensure that your financial reports remain accurate. For more in-depth guidance about reconciliation, refer to this article: Reconcile an account in QuickBooks Online.
Additionally, you can review your beginning balance and troubleshoot issues for accounts you haven't reconciled before by utilizing the article: Fix issues for the first time you reconcile an account in QuickBooks Online.
Consider utilizing QuickBooks Live Expert to simplify your accounting processes, maintain precise financial records, and access expert support. This service allows you to devote more time to growing your business.
Fill me in if you have any questions about reconciling your accounts. I'm always here to help!
