Reconcile Bank And Credit Card Accounts In QuickBooks Desktop
Bank reconciliation is one of the most common processes to manage the cash. The main goal of the reconciliation process is to differentiate the bank balance shown in user’s bank statement as provided by the bank and the corresponding amount displayed in the user’s accounting records.
QuickBooks provides you the feature to reconcile your bank account and credit card directly into the QuickBooks Desktop. Intuit has highly recommended reconciling your bank account to ensure that your account statement is correct. But, before you go on to the actual process, you need to make sure the below mentioned things:
- All the transactions like payments, deposits and bank fees are stored in the QuickBooks Desktop.
- You must take a backup of your QuickBooks company files
- Make sure that the initial balance of bank account or credit card account is correct.
- For the statement period, you need to mention all the uncleared transactions
- Maintain a record of your bank or credit card statement.
Process To Reconcile Bank Account To QuickBooks
The Begin Reconciliation Window
Here, you have to select the bank account or credit card account to reconcile and review all information regarding your account. All the information provided in this window should be accurate in order to process a successful reconciliation. If all the information is correct then you can head to the next step.
- In the Account field, select the bank account or credit card account for which you want to reconcile.
- The Statement Date will automatically be filled and you can also change it if require.
- Beginning Balance will be filled automatically and the amount which is shown is the sum of the transactions that have cleared previously. The opening and beginning balance should be same.
- Provide the amount in the Ending Balance
- If the service charges and earned interest are visible in the bank statement that you haven’t entered into your QuickBooks then you have to enter the amounts into the Service Charge and Interest Earned
- The charges that you’ve already paid should not be included in the charges.
- Click on Undo Last Reconciliation option in case if you want to undo the previous reconciliation.
- Ensure that all the provided details about the account is correct and then click on
The Reconcile Screen
Once you perform the above steps properly, you will be taken to the Reconcile Screen where you can modify the choices that you want to match for your bank account statement. You need to select the transactions to clear. If any changes can’t be seen after selecting all the transactions then you just need to click on Reconcile Now.
- Hide transactions after the statement end date checkbox: Click on the checkbox if you want the transactions to get displayed that are covered by the statement. Doing this will clear all your doubts in you are behind in the process of reconciliation.
- List of transactions entered in QuickBooks Desktop: There are two parts of this list first one Check/Payments and the second one is Deposit and other Credits. Review the bank account and credit card transactions and click on the ones that are displayed on your statement and make sure that the amounts are same.
- Items you have marked cleared: You will see the sum of the amounts of Deposits & Checks you have selected.
- Mark All/Unmark All Options: You can click on any of option for selecting or deselecting the transaction. If you regularly reconcile your transactions and the statement time period was filled appropriately then you can choose transactions at the same time.
- Go To Option: Through this option you can open and edit the transactions from the reconciliation window. This can be advantageous for you if you are doing some tine changes in the transactions prior to making then as reconciled or cleared.
- Matched Option: If the accounts are already set for the bank feeds then you can click here. This option automatically selects all the transactions that you have downloaded and auto matched.
- Columns to Display Option: By clicking on this option, you can select the fields that you want to show.
- Modify Option: You can select this option if you want to change some of the information that you have entered in earlier window.
- In this section, you get a slight view of the reconciliation figures:
- Service Charge, Instead Earned, and Ending Balance: These fields depend on the amount that you have provided in the Begin Reconcile
- Cleared Balance: The amount diminishes after selecting or clearing check and payments and increases after selecting or clearing deposit and other credited amounts.
- Difference: In this section, you are shown the difference between the beginning and cleared balance.
- Leave Option: You can click on this option in case if you want exit from the reconcile window and work on another account
- Reconcile Now: Tap on this button once you select all the transactions and you are ready to begin the reconciliation process.
Get QuickBooks Support
The above mentioned steps will help you in reconciling the bank account or credit card account in QuickBooks desktop. Well, the process is very simple if you have a decent knowledge of the QuickBooks software but it can become a bit complex if you are not properly aware of the QuickBooks software. If you are facing any issues while performing the reconciliation process or you have any doubts in any of the steps then you must get in touch with the technical support team Intuit.
If the support team of Intuit could not be reached then you must look for the best possible alternate that can provide you the support and help you in resolving your issues. fixqberror.com is one such organization whose main motive is to resolve all your QuickBooks issues. You just need to dial our toll-free QuickBooks Support Phone Number +1800-551-2647 and our customer representatives will be connected to you in no time to assist you.
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