Find the Easiest Ways to Do Reconciliation in QuickBooks Desktop

How to Reconcile in QuickBooks Desktop Account?

Thinking about how to reconcile in QuickBooks desktop? Before answering this question, first it is essential to know about the reconciliation process. Account Reconciliation is the process of matching the transactions added into the QuickBooks Online against your credit card or bank statements. Just like balancing a chequebook, it is imperative to review your accounts in Intuit to make sure that they are similar to the real-time bank statements is called reconciliation. You should reconcile your account on daily basis or at least once in a month. Once you get the statement, compare the transactions with the entry made in QB. 

Steps to Reconcile your Account in Intuit Desktop

Reconciling your account in the QuickBooks Desktop is easy and hassle-free. Carry out the step-by-step procedure and reconcile your account within the least possible time. Here we providing are the steps to reconcile your account, credit and bank statement easily.

Total Time: 17 minutes

Step #1: Check the Opening Balance

If you are reconciling your account for the very first time, then be sure to review your opening balance. To accomplish this task, you can easily connect your credit cards and bank statements with online banking and QB will automatically download your transactions and add an opening balance to facilitate the user. It is important that your real-time account will match with the entry made in the QB accounts.

Step #2: Begin the Reconciliation Process

Once you are done with the reviewing balance, now it is the time to commence the reconciliation process. If you are planning to reconcile accounts for the multiple months, then start with the oldest bank statement. Also, it is important to reconcile each month separately which means that one statement at a time. If you are wondering about how to reconcile in QuickBooks desktop, then carry out the below mentioned guidelines and start the QuickBooks Reconciliation Process.

➤ Open the Intuit Online and select Settings tab. Tap on the Reconcile option. Please remember the fact that if you are reconciling for the very first time, then click on the Get Started first and then jump to the let’s do it option. 
➤ Select the account you wish to reconcile from the Accounts drop-down menu and be sure that it is similar with your bank statement. Note down the fact that if you face any trouble with the previous reconciliation, then fix it first before proceeding further. 
➤ Checked the ‘Last Statement Ending Date’ and start the bank statement just after the last reconciliation. 
➤ Check your Beginning Balance and be sure that your beginning balance matches with your bank statement. 
➤ Add your Ending Balance and Ending Date as written on the bank statement. 
➤ Begin Reconciling when you are ready to start. 

Step #3: Compare your Bank Statement and QB

Simply compare the list of transactions on your bank and credit statement with the QB account to reconcile. This is the trickiest part of the entire procedure and must be done with an utmost care. Make sure that you have the right date and transactions. After reviewing your statement the process is complete. 

Also Read: QuickBooks Database Server Manager

Importance of Reconciling Intuit Account

Before knowing about how to reconcile in QuickBooks Desktop, it is essential to know the significance of reconciling Intuit accounts. The users can manually track the transaction and balances but it is time-consuming and error-prone and thus it is preferred to initiate the reconciliation procedure. In the absence of this procedure, you may not be certain about the total balance in the account and that is why this account reconciliation is mandatory. It would provide you with the most accurate numbers and will surely make the functioning of your business smooth.

Points to Remember

There are certain important points that you should remember before initiating the reconciliation process. 

  • Keep the bank record and credit card statement
  • You must have the backup of the Company File
  • Ensure that the account in the QB has an appropriate beginning balance
  • Add all uncleared transactions for the statement period. 

Hopefully, the above-given information is useful for you to get rid of this problem. But if you are still facing any issues with your software and need professional assistance, regarding accounting, bookkeeping & accounting software-related issues then feel free to get in touch with Certified Experts at +1-860-325-4922. The USA-based ProAdvisors will provide all sorts of assistance related to the software 24/7.