Reconciling your bank account and credit cards after each statement is released will help to keep expenses and income from falling through the cracks. Once your bank statement is received there are a few simple, repeatable steps to take to verify each transaction is factually correct and accounted for.
Begin by navigating to the bank reconciliation page through one of the following navigation options.
Option 1
- Select the account/credit card you wish to reconcile from the banking tab.
- Choose the “Go to bank register” link.
- Click “Reconcile”
Option 2
- Select the settings icon (looks like a gear).
- Under the Tools Menu, select “Reconcile”
Option 3
- At the left navigation menu, select “Accounting” and then “Chart of accounts”
- Switch to the “Reconcile” tab under Accounting or select “view register” next to the bank account/credit card that you wish to reconcile.
- If view register was selected, select the “Reconcile” button at the top right.
- Once you reach the reconcile page, choose the account, and record the ending balance and ending date.
*note: The beginning balance will pre-populate. If this balance is off, it will need to be adjusted before you start. Visit this thread for more information about how to change this balance.
- Select “Start reconciling” to continue.
- Next, select all transactions against your bank statement through the ending date you have selected (using the checkmark column on the right). The difference should be $0.00 before you will be able to select “Finish now”.
- Lastly, repeat this process until each account represented in your QuickBooks account is reconciled.
Most banks will release banking statements for the each account within the first week of the month. Keeping up with the reconciling process monthly will give you a more accurate picture of where your finances stand.
Recommended Resources
- Start your QuickBooks subscription today here. (affiliate link)
- YouTube tutorial on Reconciling.
- Help with beginning balance issues.