Quickbooks Mac Faq

Reconcile accounts in QuickBooks Online

Reconciling your bank and credit card accounts with their monthly statements is the best way to ensure your QuickBooks records match your financial institution’s records. By reconciling regularly, you can confirm that your transactions are accurate and get a clear picture of your financial health.

Why reconcile?

When you reconcile, you compare the list of transactions in QuickBooks with the transactions listed on your bank or credit card statement. This process helps you:

• Ensure your books match your bank records.
• Identify discrepancies or missing transactions.
• View which transactions have cleared (matched by the bank) and which are still outstanding.

You can review the status of your transactions in the account register or by running reconciliation reports after you finish.

How to reconcile an account

Follow these steps to reconcile an account in QuickBooks Online:

1. Get your statement ready. Have your bank or credit card statement handy. You need the opening and closing balances, as well as the statement end date.
2. Go to the Reconcile tool.
   • Select the Settings gear icon.
   • Select Reconcile under the Tools column.
3. Select the account. From the Account dropdown menu, choose the account you want to reconcile.
4. Enter the statement info.
   • Beginning balance: Ensure this matches the opening balance on your statement. If it doesn’t match, you may need to troubleshoot previous reconciliations.
   • Ending balance: Enter the ending balance from your statement.
   • Ending date: Select the date shown on your statement.
5. Start reconciling. Select Start reconciling.
6. Match your transactions. You will see a list of transactions in QuickBooks. Compare this list to your statement:
   • Place a checkmark next to each transaction that appears on your statement.
   • As you check items off, the difference between your statement and QuickBooks should decrease.
   • If you see a transaction in QuickBooks that isn’t on your statement, leave it unchecked.
   • If a transaction is on your statement but missing from QuickBooks, you may need to select + Add to enter it now.
7. Finish. When the difference is zero, select Finish now.

Review your reconciliation

Once you finish, you can view the Reconciliation Report to see a summary of the changes.

1. Go to Settings and select Reconcile.
2. Select History by account.
3. Find the account and the reconciliation period you want to view.
4. Select View report to see the details.

If you are unable to get the difference to zero, you can select Finish now or Finish later. QuickBooks will save your progress so you can return to it later. If you finish with a difference, QuickBooks will record an adjustment entry to balance the books.