I can guide you on how to do an account reconciliation in QuickBooks Desktop, smita.wale.
It would be best to reconcile your checking, savings, and credit card accounts every month. Once you get your bank statements, just compare the list of transactions with what you entered into QuickBooks. If everything matches, you know your accounts are balanced and accurate. Here's how to reconcile your bank statement in QuickBooks:
- Go to the Banking menu and select Reconcile.
- In the Account field, choose the bank or credit card account you want to reconcile.
- The Statement Date is automatically filled in. Usually, it's 30 or 31 days after the statement date of the previous reconciliation and you can change it as needed to match your bank statement.
- QuickBooks also automatically enters the Beginning Balance. It uses the ending balance from your last reconciliation to get this number. Just make sure it matches the beginning balance on your bank statement. If it doesn't, here's how to fix your beginning balance.
- Enter the ending balance as it appears on your bank statement in the Ending Balance field.
- If your bank statement shows a service charge or interest that you didn't enter into QuickBooks, don't worry. Enter the amounts in the Service Charge and Interest Earned section. Don't enter charges you've already entered in QuickBooks.
- Review the fields. If the info is correct, select Continue to start reconciling.
For more details about this one, see Reconcile an account in QuickBooks Desktop article. You can also use the Learn the reconcile workflow in QuickBooks article as a guide anytime you need help doing or fixing a reconciliation.
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