Reconcile Bank Account in QuickBooks | Complete Guide

QuickBooks is a great accounting tool for small to mid-size business owners who come from a non-accounting background and need precise assistance on bookkeeping and other accounting-related services. While the user interface of the software is at par with the best in the industry, users still find it hard to carry out minor operations. One such user query is how to reconcile bank account in QuickBooks. Today, we will try to answer the question with easy steps to follow. Read the article till the end.

While trying to reconcile bank account in QuickBooks, if you need any technical support, call on the helpline number 855-526-5749 anytime.

How to reconcile in QuickBooks Online 2019?

Below are given the steps to complete the bank reconciliation process in QuickBooks Online.

1. Open QuickBooks and select the Gear icon.
2. Click on the Reconcile option and choose the account you want to reconcile from the drop-down menu.
3. Type the Ending balance and Ending date of the bank statement and select Start Reconciling.

Important- If the account was reconciled before as well, check the last statement ending date below the Ending Date field to ensure the following month’s reconciliation.

4. Tally the transactions present on the Reconcile page that you have entered in QuickBooks for the selected period with your bank statement.

5. Once the process is completed, make sure that the Difference amount is 0.

What are some of the common QuickBooks reconciliation discrepancies?

Step 1- Take a note of the opening and beginning balance

Ensure that the opening and the original opening balance of the account (balance at the point the account was added in QuickBooks) are correct. If they do not match the bank statements, all of the following entries are affected by the afflictions.

Step 2- Review the entered ending balance

Just like the opening balance, you need to recheck the ending balance you entered in QuickBooks from the bank statement.

Step 3- Merge multiple transactions into a single record

Run through your bank report and look for your bank's transactions with the transactions in QuickBooks. If there are any, you need to do the same in QuickBooks as well. Put these transactions into the Undeposited Funds account and make a bank deposit by following the given steps.

1. Click on +New and choose Bank Deposit.
2. Select the account you want to put the money from the Account drop-down.
3. Click on the checkbox against the transactions you want to combine.
4. Use the deposit slip as a reference to ensure that the total selected transactions match with it.
5. Click on Save and Close or Save and new.

Step 4- Add Transactions that are not present in QuickBooks

After eliminating the transactions you are certain that are correct, enter the transactions that are missing from QuickBooks records by following the mentioned steps.

1. Open QuickBooks and click on the Sales or Expense menu.
2. Click on +New and choose Cash memo.
3. Choose the customer from the Customer drop-down or click on Add a new customer.
4. Enter payment method under the sales info and mention the items sold under the Products and Services.
5. Click on Save and send to email the receipt once you are done.

Step 5- Remove the transactions that are not listed on the bank statement

1. Open the Sales or Expense menu and click on Sort.
2. Choose Date, Customer, Supplier, or Amount (any of the following) and delete the duplicate transactions.
3. Hover to the Accounting menu and click on Chart of Accounts.
4. Look for the account you are reconciling and choose Account History.
5. Select the transactions and delete them.

In the end, we would like to conclude our article on the popular user query on how to reconcile bank account in QuickBooks. We hope that the content written above is easy to understand and helps the reader successfully carry out the procedure. On a different note, if you face any issues while trying the steps mentioned in the post, call on the toll-free number 855-526-5749 and get immediate assistance on the line.