Learn the reconcile workflow

Using the Reconcile Companion

The Reconcile Companion extracts data from uploaded bank statements and compares it with the data already in QuickBooks Online.

1. Navigate to the Reconcile tab.
2. Enter the Ending balance and Ending date.
3. Select Upload from this device.
4. Find and select the applicable Bank Statement.
5. Wait for the Reconcile Companion to finish extracting the statement details.
6. Select Start reconciling.
7. Review the Insights tab to see the statement comparison results.
   • Paired transaction - Transactions in QuickBooks that were successfully matched to the statement
   • Transactions in bank feed needs review - Transactions within the statement period that are still in For Review
   • Extra transactions in QuickBooks that are already uncleared* - Transactions in QuickBooks that are not on the bank statement

*QuickBooks will also provide a list of potential reasons why there may be extra transactions in QuickBooks that are not listed on the Bank Statement -- e.g. Timing Differences, Duplicate Entries, Manual Entries, or Uncleared Transfers/Deposits.

Just like balancing your checkbook, you need to regularly review your accounts in QuickBooks. You need to make sure the amounts match your real-life bank and credit card statements. This process is called reconciling (or a reconciliation).

To reconcile your accounts, you’ll need monthly bank statements for the account.

Use this guide any time you need help doing or fixing a reconciliation. If you’re new to reconciliations or need more help, reach out to your accountant. This can get tricky and they know how to handle the next steps. Don't have an accountant? We can help you find one.

For a better experience, open this article in QuickBooks Online. Launch side-by-side view

Reconciliation workflow

Once you have your monthly bank statements, you can compare each transaction in QuickBooks with what's recorded on your account statement. Make sure the opening or beginning balance matches the balance on your account statement for that day.

Next steps

After you reconcile an account, your QuickBooks ending balance and account statement should be the same. If not, your accounts still aren’t balanced.

• If you forgot an opening balance for an account, you can enter an opening balance later.
• If you add transactions dated from before the account’s opening balance, you’ll need to reconcile older transactions.
• If you need to make changes after you reconcile, review a previous reconciliation report. 
• If you reconciled a transaction by accident, you can unreconcile individual transactions.

Note: If you adjusted a reconciliation by mistake or need to start over, contact your accountant. They’ll know how to correct your accounts without unbalancing them. 

Related links

• What's a reconciliation?
• How do I view, print, or export a reconciliation report?
• Undo or remove transactions from reconciliations in QuickBooks Online
• What to do if you didn't enter an opening balance in QuickBooks Online
• Reconcile transactions that are older than your opening balance
• Enter an adjusting entry for a reconciliation in QuickBooks Online