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Intuit

Learn the reconcile workflow in QuickBooks

Here's everything you need to keep your QuickBooks accounts accurate.

Just like balancing your chequebook, you need to review your accounts in QuickBooks to make sure they match your real-life bank and credit card statements. This process is called reconciling.

Use this guide anytime you need help starting or fixing a reconciliation.

Start a reconciliation

This is a brief overview of the process. Here's a detailed look at reconciliations if you want a deeper dive.

Get started

Once you get your monthly bank statements, you can start reconciling your accounts.

Set the account's opening balance

When you create a new account in QuickBooks, like a bank or credit card account, you need to enter an opening balance. This sets the start balance and date.

The first time you reconcile the account, double-check your opening balance and make sure it's accurate.

Review the account

Each time you reconcile, your account in QuickBooks has a beginning balance. It should match the beginning balance and date on your bank statements.

Then you'll compare each transaction in QuickBooks with what's recorded on your bank statement. At the end of the reconciliation, the difference between QuickBooks and your bank statement should be $0.00.

Fix a reconciliation

Sometimes things get missed—it's bound to happen every once in a while. If you find a mistake in a reconciliation, here's the process for fixing it. Since each step is connected, you should review each part of your reconciliation in this specific order.

Note: We know this can be tricky. If you’re new to reconciliations or need more help, connect with your accountant, or we can help you find one.

Reconciling an account for the first time

If you're reconciling an account for the first time, review the opening balance in QuickBooks.

The opening balance is the starting point for the account. Make sure it matches the balance in your real-life account for whatever day you picked.

If it doesn't don’t worry. Here's how to fix common issues:

If you forgot to enter an opening balance but you're already tracking transactions in the account, don't worry. Here's how to enter an opening balance manually so your accounts stay balanced.

Reconciling for an account you've reconciled before

If you've reconciled an account in the past and checked your opening balance, review the beginning balance in QuickBooks.

The beginning balance in QuickBooks needs to match the beginning balance amount and date on your bank statement.

If it doesn't, don’t worry. Here's how to fix it:

 

Seeing issues during a reconciliation

If you already reviewed your opening and beginning balances, you can focus on the ending balance in QuickBooks.

At the end of your reconciliation, the difference between the ending balance in QuickBooks and your bank statement should be $0.00.

If there's still a difference, your accounts still aren't balanced. Here's how to fix it:

Edit completed reconciliations

If you need to make changes after you reconcile, start by reviewing a previous reconciliation report. If you reconciled a transaction on accident or it's an error, you can unreconcile individual transactions.

If you adjusted a reconciliation or need to undo the entire thing, we highly recommend you reach out to your accountant. These kinds of changes can get complicated and quickly unbalance your accounts. Your accountant knows the right steps.

 

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