Reconcile bank account in QuickBooks can help you to streamline your business accounting process. Reconciliation is the process of matching the transactions you have entered into the QuickBooks with respect to your bank or credit card company’s record. It is an essential process in your business accounting as it may find any discrepancies between the two records. On observing QuickBooks reconciliation discrepancies, you may find the transaction not listed in the QuickBooks. In this blog, we will see how to reconcile in QuickBooks Online 2019 and how to rectify QuickBooks bank reconciliation problems.
Facing the QuickBooks Online bank reconciliation problem? Dial our QuickBooks error support number 1.800.579.9430 to acquire a relevant help
How to Reconcile Bank Accounts in QuickBooks Online?
If you want to reconcile bank account in QuickBooks online, then you need to understand a few essential points in the first place. You may avail your bank statements from mail or by logging into your bank’s website. Irrespective of your bank, few things are common in all bank statements, which include-
Date Range: Date range typically starts from the first day of the month and ends on the last day. To reconcile the bank account in QuickBooks, it is essential to know the Ending Date and Ending Balance from your bank statement.
Beginning Balance: The balance in your bank account at the beginning of the date period range
Ending Date: The balance in your bank account at the ending of the date period range.
Note: Before you proceed to reconcile bank account in QuickBooks, you need to have your bank statement with you so that you can provide the above-explained information. After that, you may proceed with the below-listed solutions-
On the bank reconciliation window, select Gear Icon located on the top-right corner and then select Reconcile.
Next, you will see a message on the screen, with prompt Find your balance. Click Reconcile an account in the same message box.
Navigate to the Account to add the bank account you want to reconcile with QuickBooks
Provide Beginning Balance: It can be your monthly bank statement or an ending balance for a previous reconciliation
Ending Balance Provide: Now provide the ending balance as listed on your bank account statement.
Provide Ending Date: Again, enter the ending date that you see on the bank account statement.
After providing all the necessary information, click on Start Reconciling
Reconciliation Window in QuickBooks Online
After performing all the necessary steps to reconcile bank account in QuickBooks, you will see the bank account reconciliation window in QuickBooks Online. Here, you will get to see the following information listed below-
- Beginning Balance
- Ending Balance
- Payments
- Deposits
QuickBooks Online Bank Reconciliation Problems
While reconciling bank account in QuickBooks, you may experience various reconciling issues that can cause discrepancies between your bank statement and QBO. The best way to see if the reconciliation is done impeccably, you may compare the difference between the transactions in the account statement, and QuickBooks must be zero. If the difference is not zero, then there might be a QuickBooks Online bank reconciliation problem.
- Inaccurate opening and beginning balances may cause an error in reconciling QuickBooks Online
- Changed, deleted, or added transactions may trigger QuickBooks online bank reconciliation errors
- Missing checks report is one of the apparent reasons for the reconciliation error in QuickBooks
- Transactions not entered in QuickBooks can give erroneous result for the reconciliation process
IMPORTANT: QuickBooks also offers a unique way to undo the reconciliation if you find discrepancies after reconciling the accounts. For complete instructions on reverting back the effects of reconciliation follow our article How to Undo Reconciliation in QuickBooks.
Discrepancies in the QuickBooks bank reconciliation report may occur if data is not entered correctly in the QBO. However, you may get professional assistance in resolving errors while reconciling bank account in QuickBooks. Just dial our QuickBooks error support helpline 1.800.579.9430 to get relevant assistance while reconciling the account payable in QuickBooks.