After every month, you need to reconcile your bank account with QuickBooks. Reconciling your bank account in QuickBooks can initially seem confusing because many steps are involved, and it's not obvious how they fit together. In this step-by-step guide, here are the 3 steps you should take on How to Reconcile Account in QuickBooks.

Step 1: Create an account that you want to reconcile:

• In the Add An Account dialogue box, click on New.
• Select 'Account' and 'Receivable or Payable' as your account type.
• Under Description, enter a name for your account. This will be your account's short name and will also be used when generating reports. In the Type field, select Receive Payments or Enter Receipts.

Next, you need to specify which accounts are related to this account. If you want all payments made into your business's bank account to show up in this new one (an example of a receivable), then leave it blank under Related Accounts. Otherwise, enter the other bank accounts with which this new one should be associated (an example of a payable).

• Click OK and continue adding more accounts if necessary.

Step 2: Set up your accounts with reconciled data:

Scroll down the page until you find the Customized Report tab. Click on that and then choose the Accounts category. Selecting Accounts will generate a list of all your accounts (including your new account) and an option to reconcile them. Once you've finished reconciling these accounts, click Close & Finish.

You'll be back at the main Company menu again, and your new bank account should now have a green icon indicating that it has been reconciled with QuickBooks data.

Step 3: Create reports to analyze historical data:

After reconciling your bank account, you'll want to review your reports and ensure everything is accurate. This will allow you to find any discrepancies between the information from your bank and what was recorded in QuickBooks.

Click the Reports tab and select Report Builder. You'll be prompted with a list of historical reports that can help you identify specific information about the company's financial health, like Current Payables Due or Amount Receivable Aging for the last month or quarter.

The above three steps are easy to follow and will help you with how to reconcile account in QuickBooks.

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