Help has arrived, @accounts-altruis. I can walk you through the process of how you can reconcile your account in QuickBooks Online.
The first thing we need to do is review the opening balance when reconciling an account for the first time so you can match the balance of your real-life bank account.
Then, If your accounts are connected to online banking, ensure you match and categorise your downloaded transactions. Once you're ready to reconcile, here's how:
- Go to Settings and select Reconcile.
- Select the account you want to reconcile from the Account dropdown. Ensure it's the same one on your statement.
- Review the Beginning balance to make sure the beginning balance in QuickBooks matches the one on your statement. Here's what to do if they don't match.
- Enter the Ending balance and Ending date on your statement. Some banks call the ending balance a "new balance."
- If you see it, review the Last statement ending date. This is the end date of your last reconciliation. Your current bank statement should start the day after.
- When settled, click Start reconciling.
From there, compare the transactions on your statement with what's in QuickBooks. The difference between the account in QuickBooks and your bank statement should be $0.00.
No worries, I've attached an article that will help you through this process: Reconcile an account in QuickBooks Online.
If QBO doesn't match your bank statement at the end of a reconciliation, here's a guide for more information on to fix these issues: Fix issues at the end of a reconciliation in QuickBooks Online.
Please let me know if you need more help with reconciliation. I'm determined to help you succeed. Have a good one!
