Reconcile a bank, credit card, or petty cash account

Give your accountant direct access to your books so she can find the reports and information she needs when questions arise. Create a separate login for your accountant to make it easy for her to work with you. You can exchange messages and share documents directly inside QuickBooks, too.

If you have additional banking inquiries or need assistance managing transactions in QBDT, feel free to ask in the Reply section below. Yes, we have a way to correct your financial data in QuickBooks Desktop (QBDT), KFisch. We look forward where do contra assets go on a balance sheet to having you here if you need further assistance reconciling an account inside QuickBooks or have any additional questions related to the program. We know that taking hours to find amounts that are off by a few pennies doesn’t make sense.

  • Remember, the opening balance is the balance of your bank account on the day you choose to start tracking transactions.
  • QuickBooks prioritizes data security, but it’s essential to follow best practices like using strong passwords and ensuring your computer is protected from malware to enhance data security.
  • QuickBooks simplifies this process, reducing the stress on your accounting team.
  • For other types of accounts, QuickBooks opens the Make Payment window.

For example, if the payee is wrong, you can click on the transaction to expand the view and then select Edit. Ask questions, get answers, and join our large community of QuickBooks users. After you reconcile, you can select Display to view the Reconciliation report or Print to print it. If your beginning balance doesn’t match your statement, don’t worry. Find out how to create an invoice in QuickBooks and how to write off bad debt in QuickBooks with our comprehensive guides.

More than bank reconciliation. Run your entire business with QuickBooks.

It summarizes the beginning and ending balances, and it lists which transactions were cleared and which were left uncleared when you reconciled. This report is useful if you have trouble reconciling the following month. If you’re reconciling an account for the first time, review the opening balance. It needs to match the balance of your real-life bank account for the day you decided to start tracking transactions in QuickBooks. When reconciling an account, the first bit of information you need is the opening balance. If you choose to connect your bank and credit cards to your online account, QuickBooks will automatically bring over transactions and also the opening balance for you.

  • Specifically, you’ll need to provide the ending date of the statement and the ending balance as indicated on the statement.
  • One often overlooked benefit of QuickBooks Bank Reconciliation is its role in fraud detection and prevention.
  • Create a separate login for your accountant to make it easy for her to work with you.

After creating a journal entry, the opening balance is reconciled in your account, and QuickBooks won’t include it in future reconciliations. This should balance your accounts, and you can proceed with the regular steps to reconcile the account. Businesses should reconcile their bank accounts within a few days of each month end, but many don’t. Learn from these 10 common accounting mistakes to make improvements in your business. Easily run financial statements that show exactly where your business stands. Access your cash flow statement, balance sheet, and profit and loss statement in just a few clicks.

How to Reconcile in QuickBooks Online

Ensure that each transaction in your QuickBooks records corresponds to one on the bank statement. In this step, you’ll need to input key information from your bank statement into QuickBooks. Specifically, you’ll need to provide the ending date of the statement and the ending balance as indicated on the statement. This information serves as a basis for comparison during the reconciliation process, helping QuickBooks identify which transactions have cleared your bank.

Changes can unbalance your accounts and other reconciliations. It also affects the beginning balance of your next reconciliation. The journal entry goes into a special expense account called Reconciliation Discrepancies. When you’re done reviewing your statement, you’ll know everything made it into QuickBooks.

Bank Accounts

In the world of accounting and finance, precision is paramount. The slightest discrepancy in your financial records can lead to major headaches down the road. This powerful accounting software is designed to make your life easier, and one of its essential features is bank account reconciliation. In this article, we’ll delve into the intricacies of reconciling bank accounts in QuickBooks, ensuring that your financial records are as accurate as possible. You need to review your accounts in QuickBooks to make sure they match your bank and credit card statements. Just like balancing your checkbook, you need to review your accounts in QuickBooks to make sure they match your real-life bank and credit card statements.

Step 2: Begin reconciling process

Ensure that the Statement Date in QuickBooks Desktop corresponds with your actual bank statement, making adjustments as needed. QuickBooks Desktop will automatically generate a Beginning Balance based on your last reconciliation. The next step is to identify any discrepancies between these two sets of records, which could be due to errors, omitted entries, or timing differences in recognizing transactions.

Schedule reports to be generated and emailed daily, weekly, or monthly. To ensure that your books are accurate, it’s important to reconcile your bank, credit card and petty cash accounts. To reconcile, simply compare the list of transactions on your bank statement with what’s in QuickBooks. QuickBooks generates comprehensive reconciliation reports that offer a clear and detailed overview of your financial activity.


Whether you need to invest in growth or tighten the purse strings, QuickBooks ensures you have the information you need at your fingertips. QuickBooks prioritizes the security of your financial data. Utilizing this software for bank reconciliation means your sensitive financial information remains in a secure digital environment. Protecting against data breaches and ensuring confidentiality is crucial for maintaining trust with customers and stakeholders. When handling discrepancies between QuickBooks and your bank statements, start by comparing each transaction in QuickBooks against the bank statements to spot any differences. Once the matching is complete, and the difference between your bank statement and QuickBooks Desktop shows $0.00, proceed to finalize the reconciliation by selecting Reconcile now.