Are you new to QuickBooks and want to know the complete process of QuickBooks Online Bank Reconciliation? This guide will help you a lot in knowing about QuickBooks Online Bank Reconciliation. Reconciliation is actually a process by which transactions made by you in QuickBooks is to be matched with bank or credit card statement. It is to be done in regular intervals or at least once in a month is recommendable as soon as you download or receive bank or credit card statement. You can also connect your QuickBooks Online account with Online Bank account for the purpose of reconciliation to be perform the reconciliation work at regular intervals smoothly. It is to be noted that in the process of reconciliation transactions will get matched as recorded in bank or credit card statement when undeposited funds are used and entered properly in QuickBooks online.
When you reconcile your statement at regular intervals suppose at the end of every month then there are less chances of any error or wrong entries thus reconciliation helps you get accuracy in your financial data.
Frequently reconciliation of bank transactions helps in filing the taxes easily and keeps you prepare for filing the next return without any burden. It also reduces monotonous in handling unchecked and unverified financial data. In other words reconciliation makes the data more accountable and verified for filing the taxes.
QuickBooks online bank reconciliation helps you know the cash spend and payment so collected for the period of time along with ready information of petty cash available with you. Hence it helps you monitoring the flow of cash in your business.
You can take smart business decisions as reconciliation helps you analyze whether your business is running on profits or on losses.
Step 1: Review your Account Beginning Balance
If you have decided to reconcile an account and you are doing it for the first time so it is essential for you to check the beginning balance of your account and ensure it to get matched with the bank statement. As it helps you track the transactions in QuickBooks with the real life bank account.
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Step 2: Start Reconciling your QuickBooks online account with bank transactions
After reviewing your account beginning balance now you can start with reconciling your account with downloaded monthly bank or credit card statements. And if you are reconciling for few months together we recommend you to start with statement of oldest month first.
Before following the below steps in QuickBooks, please ensure that your downloaded transactions are categorized and organized if QuickBooks accounts are connected with online banking.
You may also see a message on your screen for the previous reconciliation. We can help you fix it can be selected first to fix the same before proceed further.
Step 3: Comparing statement with each and every transaction
Now in the last you need to compare every transaction of QuickBooks account with your bank statement. The most important thing that you need to care is to ensure the date and amount are entered correctly.
Other steps: Recheck the transactions that were reconciled in the past
Reconciliation report can be downloaded to review the work. Below are some easy steps:
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