Account management involves keeping
statements in sync with your QuickBooks company file. It makes sure that your
bank as well as credit card account statements and the entries in QuickBooks
match.
For any organization, having up-to-date accurate accounts is crucial. You should strive to accomplish reconciliation on a frequent basis. There are methods for accelerating or even automating the process with QuickBooks. These days, reconciliation doesn't necessarily have to be done manually. In this segment, we have discussed How to reconcile in QuickBooks Online: Step-by-Step. Thus, keep reading on!
Steps to Reconcile your Accounts in QuickBooks OnlineHere's a general guide on how to
reconcile your accounts in QuickBooks Online:
·
Make sure the opening balance in
QuickBooks matches your bank account balance for the period being reconciled.
·
Check if all transactionsare matched with previously entered ones or categorized and added
if they haven't been entered yet.
·
QuickBooks will try to avoid duplicates
by matching downloaded transactions with previously entered transactions. You
need to approve the match if this happens.
Open QuickBooks and select the account
you want to reconcile from the Account menu.
·
Make sure the Beginning balance in
QuickBooks matches the balance on your account statement.
·
Set the Ending balance and Ending date
to match those shown on your statement (some banks or providers might refer to
this as the Closing balance).
·
Click on "Start reconciling"
to proceed with reconciling each transaction in that account.
Now this blog has come to an end. If
you have any issues related to how to reconcile your accounts in QuickBooks,
you can contact us at 1-800-615-2347. Our QuickBooks
online error supportteam will be happier to assist you!
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