How to reconcile in QuickBooks Desktop

hi this is Jason from the QuickBooks team performing regular monthly reconciliations is the best way to ensure the accuracy of your info in QuickBooks let's go over how to reconcile your bank and credit card accounts resolve any differences you find and run reconciliation reports first access your monthly bank or credit card statement you can usually get your statements from your financial institutions website then from the home page select reconcile choose the bank or credit card account you want to reconcile enter the end date on the statement check that your beginning balance matches your statement if it doesn't check out this video to learn how to fix it enter the ending balance you see on your statement then enter any service charges or interest during the statement period if you use Bank feeds you can usually leave this blank because you'll download charges and interest along with other transactions if everything looks good select continue now you compare your statement to the information in QuickBooks QuickBooks displays all of the transactions that reduce your balance like checks and debit card charges in this section and all of the transactions that increase your balance like deposits in this section if a transaction in QuickBooks exactly matches the date number and dollar amount of a transaction on the statement select it if you use Bank feeds to download transactions from your bank or credit cards select matched then enter the statement ending date and ok in QuickBooks checks off all the transactions you downloaded once you verify all items from your statement in QuickBooks you should have a zero balance that tells you there is zero difference between what's in QuickBooks and what's on the statement if you have a difference select modify and verify that your beginning balance ending balance and ending date all match your statement if they do go back and check the select the transactions to make sure they match the statement if any transaction has the wrong amount double-click it correct it and then save if you notice a transaction on your statement that isn't in the window record it like normal and it'll appear in the window so you can select it if you can't find the reason for the difference select reconcile now from here you can select enter adjustment to accept the difference and QuickBooks will record a journal entry correcting the difference however you should talk to your accountant before doing this usually it's best to resolve any differences in the reconciliation and not perform this task once you've reached a difference of zero select reconcile now QuickBooks asks if you want to print or display your reconciliation reports select close you can run your reconciliation reports later from reports banking previous reconciliation now you're ready to reconcile your bank and credit card accounts

Channel: Intuit QuickBooks

Views: 28,203

Keywords: Intuit, QuickBooks, QB, QBO, QuickBooks Online, Tax season, Taxes, quickbooks tax, quickbooks finance, finance, small business, entrepreneur, payroll, payroll tools, QuickBooks payroll tools, QuickBooks Premium, QuickBooks Elite, Elite, payroll products, QuickBooks payroll products, full service payroll products, upgrades, payments, QuickBooks Desktop, how to reconcile, how to reconcile in quickbooks, How to reconcile in QuickBooks Desktop, how to quickbooks desktop, how to, reconcile

Id: BTbwqNvFWxw

Length: 4min 1sec (241 seconds)

Published: Fri Sep 29 2023