Here is the step-by-step instruction to reconcile accounts.
- Go to the Reconcile Menu
- In the home screen, select the Gear Menu and then choose the Reconcile Tab that is available under the Tools menu.
- Now, select the Account.
- You will find the account you want to reconcile in the drop-down menu options in the Reconcile overlay.
- After selecting the account click on Reconcile Now.
- Enter Statement Details
- View the bank statement for the account you are reconciling with QuickBooks. Note the Statement End Date and the Ending Balance amount.
- In the Reconcile overlay in QuickBooks, provide the Statement End Date into the calendar drop-down menu.
- Next, enter your statement’s Ending Balance on the Reconcile overlay and click OK when you’re done.
- After that enter you statement’s Ending Balance on the Reconcile overlay and click OK after finishing.
- Match Expenses
- Your actual work starts now. Check the transaction history available on your bank statement.
- Each transaction from your bank statement should be matched with an item on the list. Tick mark the box against each item.
- Do not tick mark the boxes than what is required otherwise Reconciliation will be difficult.
- Finish Reconciliation
- When you see the Difference value visible at the bottom as zero, click Finish.
- Now scrutinize Reconciliation Report.
- Now, go to the main Reconcile menu, you’ll find the reconciliation you just finished. Open it by clicking on it to see a detail window for examination.
- Click Run Report to see a detailed report of your reconciliation.
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