How can you Reconcile an Account in QuickBooks Desktop?

Reconcile an account in QuickBooks Desktop is a simple process, and it can be done by matching all the transactions that a user-entered in QuickBooks Desktop with your bank or credit card company’s record. It is necessary to reconcile an account in QuickBooks Desktop to make sure about the accuracy of your accounting data.

Effective Steps to Start Reconciliation Process in QuickBooks Desktop

First of all, you have to select the bank or the credit card account to reconcile the information. After that, the user can review the entire information equivalent to it. It is important that all information in this window is accurate before moving to the next step.

  1. To Begin the Reconciliation process, first of all, Go to the Banking menu and tap on Reconcile
  2. In the Account field, choose the credit card or bank account that you want to reconcile.
  3. The user can see that the Statement Date is automatically there.
  4. It is mainly of 30 or 31days after the previous statement date.
  5. You can change it whenever required.
  6. After beginning, the Balance is automatically filled in it.
  7. It is the total of all cleared transactions.
  8. Always, be sure that it is the same as the opening balance shown on your statement.
  9. In the Ending Balance field, type the corresponding balance from your statement.
  10. Now, type the Service Charge and Interest Earned sections.
  11. Make sure that you should not enter the charges that you have already entered as QuickBooks transactions.
  12. Hit on the option– Locate discrepancy to see available reports that will help you to track discrepancy and other reconciliation issues.
  13. Now, the option to Undo and Restart Reconciliation is available on the Discrepancies window.
  14. Tap on the Undo Last Reconciliation button if troubleshooting requires you to revert to the previous reconciliation.
  15. If all information is correct, hit on the Continue button to proceed to the Reconcile window.

How to Undo your Last Reconciliation?

You can undo last reconciliation when you cannot locate discrepancies during reconciliation or if you want to change the date of the opening balance. It allows previously clear transactions as unclear when you undo the reconciliation, and your beginning balance goes back to the past beginning balance.

The Reconcile Screen

You can process the choices that you want to match against your bank statement. This is where you choose the transactions to clear. If this screen shows no difference, you have to choose all transactions that appear on your statement, then you can tap on the Reconcile Button and you’re done reconciling the account.

How to Avail On-Time Technical Assistance?

If you are not satisfied with the above-given information of reconcile an account in QuickBooks Desktop, you can reach our technical professionals whenever you want. They will provide you the whole information that you want to know.

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Reconcile an Account in QuickBooks Desktop

Reconcile an Account in QuickBooks Desktop

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