A Perfect Guide to Reconcile an Account in QuickBooks Desktop

 Do you want to learn to reconcile your accounts in QuickBooks? It is the perfect guide that enlists precise steps to reconcile accounts to match the bank and the credit card statements. The reconciliation process for a QuickBooks Desktop account involves a match between the QuickBooks transactions and in-person bank and credit statements. One can maintain accurate records by matching the QB transactions and the bank statement. The juxtaposition of these transactions and statements involves multiple steps, which you will learn in the blog below. 



You must be careful while reconciling the account. If you are unsure and want an expert to assist you through the process, you can dial +1(800) 780-3064 and speak with a QuickBooks professional.

How to Prepare for the Account Reconciliation Process

Before you commence the reconciliation, you need to take a few preliminary steps, as given below:

  1. Before reconciling, you need to back up your QuickBooks Desktop company file. You can do it manually or schedule an automatic backup. 

  2. If you are reconciling an account for the first time, you must review the opening balance. When creating a new account in QB Desktop, you can pick a day to start tracking all of the transactions, for you will need to enter your real-life bank account details. 

  3. The first reconciliation becomes easier when you set the opening balance at the outset of a bank statement. 

  4. You must enter all the transactions for the financial institute statement period that you are planning to reconcile. 

  5. Wait to input the uncleared transactions from the bank that do not appear on your statement. 


How to Systematically Reconcile an Account in the QB Software

 

In order to avoid  Reconciliation discrepancies in QuickBooks desktop you must follow the proper steps. 


  1. You can begin the process after backing up your company file, reviewing the opening balance, and preparing for reconciliation. 

  2. Navigate to the Banking menu. 

  3. Select Reconcile. 

  4. You will have your Statement Date filled by default, which is typically 30 or 31 days after the statement date of the last reconciliation. If you need to change it to match your bank statement, adjust it accordingly. 

  5. QuickBooks software will automatically fill out the Beginning Balance as well. It utilizes the last balance form ending reconciliation to retrieve this digit. 

  6. Type your Ending Balance as per your bank statement. 

  7. Input the Service Charge and then the Interest Earned according to the bank statement. Do not type the previously entered QuickBooks charges.

  8. Now check all the fields. When all the information entered is correct, hit either Continue or OK. 

If a QuickBooks reconciliation discrepancy is found, a few tools can help you fix this problem, such as Locate Discrepancies. 

  1. Then, compare your QuickBooks transactions and bank statements and match them. 

  2. After that, review your reconciliation. 




This blog helps readers understand the reconciliation process in detail. One must reconcile an account in QuickBooks to match the real-life bank and credit card statements. There must be no difference in the QB transactions and the bank statement. You can reconcile by following the steps given in the blog. If you need further assistance with the reconciliation process, you can call +1(800) 780-3064 and get an expert to guide you. 


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