Step 1: From the Banking menu, choose Reconcile. Step 2: From the Account drop-down list, choose the appropriate account. Enter the ending date of the Statement that you are working with.
Note: In case there is a past reconciliation, the default statement date is the date of the last reconciled statement plus one month. If there is no previous reconciliation, the default statement date is the last day of the previous month.
Step3: Compare your statements opening balance with the amount that is displayed in the Beginning Balance field. Fill out any other relevant information. Choose Continue to open the Reconcile- [Account Name] .
Note: In case you reconcile often and the QuickBooks Beginning Balance is different from the starting balance on your statement, then you reconcile regularly and the QuickBooks Beginning Balance the discrepancy could be because of clearing a transaction directly in the account register (as opposed to the Reconcile > [Account Name] window), or by changing or deleting a previously reconciled transaction.
Step4: Check any items that match your bank account statement.
In case the transaction does not match and the statement is wrong, please contact your financial institution for best results.
If the statement amount is right and QuickBooks is incorrect:
Step 1: Double-click on the transaction in QuickBooks to show it. Step 2: Correct the error, and then press Save & Close. Step 3: Click on the corrected transaction to reconcile it. In case, your difference amounts to zero, congratulations!
Step 4: Press Reconcile Now to complete your reconciliation and print your reports. If your Difference is not zero, make a note of the difference amount.
Note #1: You may also select to reconcile anyway by choosing the Reconcile Now button and then selecting the Enter Adjustment button on the new window to record the discrepancy. However, this is not recommended. Instead, continue to Note #2 below.
Note #2: In case you notice an items on the Reconcile screen that does not occur on your bank statement then, there could be many reasons namely, the check/deposit was done near the end of statement period and didnt clear in the bank in time to appear on this statement and it will most likely appear on the next statement. If they do match, proceed to step 7.
Step 5: Research the transaction to confirm that it was correctly entered into QuickBooks.
Step 6: If the missing item is a check, communicate with to the vendor to confirm that the check was received and deposited. If the check was lost or needs to be reissued for another reason, tap on Reprint Checks for instructions.
Step 7: If the missing item is a deposit, double-click on the deposit from the reconcile screen to open it to check the history. In the period of the deposit look to see if there is a duplicate or another deposit that may have included the item.
In case you determine that the transaction was entered in error and should not have been entered into QuickBooks, right-click to void the transaction.
Note: When you Void a transaction breaks the link to the affected account but the record is retained should there be any future questions. If there is no requirement for retaining a record of the transaction, then chose the delete option to permanently remove the transaction from your file.
