Through QuickBooks Desktop, you can easily reconcile your accounts. This process is quite similar to balancing the checkbook. This process will make sure that your financial records are accurate and all the data is entered in QuickBooks application.
How to Reconcile in QuickBooks Desktop?
To reconcile in QuickBooks, you need to follow the steps below:
- Go to Banking menu and click on Reconcile.
- Click on the Account Drop-down menu and choose an account.
- Type in the ending date for the Statement on which you are currently working.
- You will have to compare the amount displayed on the Beginning Balance are to the state’s opening balance.
- Enter all the other details that are required and then press Continue to open the Reconcile – [Account Name].
- Look for the items that are in match with your bank account statements.
- The transaction is incorrect if your transactions do not match. In such a case, you need to contact your financial institution.
- The statement amount is correct but QuickBooks is not correct.
- You will have to double-click on your transactions so that you can see the transaction getting displayed on your QuickBooks application.
- Rectify your error and then press Save & Close
- Select the rectified transaction to reconcile it.
If you see that the Difference is displayed as Zero then, press on Reconcile Now buttons to finish your reconciliation. Click on a Print option and create printouts of your reports.
But, your difference is not shown as Zero, and then writes down the difference amount. You can rectify this issue by two means. They are mentioned below:
Method I: You can anyway go to the Reconcile Now option. Now you will have to select the Enter Adjustment option which is displayed on the new window to record the discrepancy that is shown on the screen.
Method II: If you see any items that are displayed on the Reconcile screen but are not visible on the bank statement then it can be due to multiple reasons. Reasons like deposit or check were completed at the end of statement period and could not get appear in the statement due to lack of time. It is most likely to get displayed on the next statement. In that situation, you need to follow the steps mentioned below:
- Perform a Research for transaction to verify the data that was entered in QuickBooks accurately.
- If the check is categorized as missing item, then interact with your vendor to confirm that check was received and deposited on time. In case like the check is lost or it is to be re-issued for any anonymous reasons then click on Reprint Checks
- If the missing item is supposed to be a deposit then, open the reconciliation screen to verify the history. In deposit section, look for a duplicate deposit or any other deposits that was made and may be included in the item.
- If it is determined that transaction has an error and it should not be entered in QuickBooks, then right-click on it to void your transaction. By voiding the transaction, you can break the link of transaction but the record is supposed to be retained for further processing. In case of no retaining, you need to click on Delete option to remove from the transaction that is displayed on your account.
To delete a transaction, you need to follow the steps below:
- Click on the Banking option and press Use Register
- From the drop-down options menu, select your desired account.
- Select the items that do not match account statement from the bank and right-click on them. Press Delete. Now you will have record any absent items again as shown in the steps above.
- From the reference made from account statement of the bank, browse for any absent items that are not visible on the Reconcile
- As you have recorded all the absent items in QuickBooks application, move back to Reconcile window again.
- Checkmark all the latest items and finish your reconciliation.
In case, there is a need for canceling the latest reconciliation, then you will have to carry out the process by Undo Reconcile. Before canceling the reconciliation, it is suggested by QuickBooks professionals that you create a backup for the data file. In order to cancel reconcile in QuickBooks follow the steps below:
- Check all the transactions and the amount entered are recorded correctly.
- Press Reconcile Now option and then click on Enter Adjustment to complete the reconciliation in the given time. However, you need to browse and resolve the cause for discrepancy.
- Open QuickBooks Banking option and click on Reconcile.
- Choose the accurate account from the Account drop-down dialog list.
- Press the Locate Discrepancies option and then click on option Undo Reconciliation.
- Now, follow the prompt dialog boxes that are displayed on your screen to finish the entire process.
By the steps mentioned above, you can easily reconcile in QuickBooks. If you have some queries or you need technical support then you can reach out to QuickBooks Support Number for assistance. They are a remarkable customer support providing agency for accounting software like QuickBooks. They provide support for technical as well as functional issues and are available round the clock. To connect with them, you will have to call on their toll-free number 1800-935-0532.