QB Issue Resolution:
Reconciling your bank and credit card accounts with their monthly statements helps ensure that your QuickBooks records match your financial institution records. After reconciling, you can look in the account register or run reconciliation reports to see which transactions are cleared and which are uncleared. By reconciling regularly, you will have a better, more accurate picture of your financial situation.
To reconcile a QuickBooks account with its financial statement:
In QuickBooks, choose Banking > Reconcile.
From the Account drop-down list, select the appropriate account.
Enter the ending date from your statement in the Statement Date field.
Note: If there is a previous reconciliation, the default statement date is the date of the last reconciled statement plus one month. If there is no previous reconciliation, the default statement date is the last day of the previous month.
Compare your statement’s opening balance with the amount shown in the Beginning Balance field.
Note: If you reconcile regularly and the QuickBooks Beginning Balance differs from the beginning balance on your statement, the discrepancy could be caused by clearing a transaction directly in the account register (as opposed to the Reconcile – [Account] window), or by changing or deleting a previously reconciled transaction. For more information, refer to “Incorrect beginning balance in Begin Reconciliation window.”
Enter your statement’s ending balance in the Ending Balance field.
Enter any new service charges, finance charges, or interest earned that may be listed on your statement.
Click Continue to open the Reconcile – [Account] window.
Now you are ready to reconcile individual transactions. When you find a transaction in QuickBooks that also appears on the statement, click in the checkmark column next to the item.
For each transaction that you reconcile, verify that it exactly matches the one on the statement:
If the transaction does not match and the statement is incorrect, please contact your financial institution.
If the statement amount is correct and QuickBooks is incorrect:
Double-click the transaction in QuickBooks to display it.
Correct the error, and then click Save & Close.
Click the corrected transaction to reconcile it.
When you have finished reconciling transactions, look at the Difference amount in the lower right corner of the Reconcile – [Account] window:
If the amount is 0.00, click Reconcile Now. You have successfully reconciled the account with the statement.
If the amount is anything other than 0.00, the account does not balance for the period of time covered by the statement. Choose one of the following options:
Note: If you click Leave in the Reconcile – [Account] window before you are completely finished, QuickBooks will retain the transactions you marked. You can continue the reconciliation at a later time.
If you need to cancel your latest reconciliation, you can do that by using the Undo Reconcile feature. Before canceling the reconciliation, we recommend that you make a backup of your data file. To cancel the reconcile, follow these steps:
Start again at step 4, making sure that all amounts and transactions have been recorded correctly.
Click Reconcile Now, and then click EnterAdjustment to finish the reconciliation for the time being. (QuickBooks will enter an adjustment to your account.) Eventually, however, you should locate and correct the cause of the discrepancy.
From the QuickBooks Banking menu, choose Reconcile.
Select the appropriate account from the Account drop-down list.
Click on Locate Discrepancies, click on Undo Reconciliation, and then follow the prompts to complete the process.
Resolution for Issue 'Reconcile an account with its financial statement.' available: Yes (Solved).
Source: Intuit Community forum.
Reconcile an account with its financial statement.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for quickbooks mac faq
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