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Reconciling Your QBO Accounts - Why? How?

What does it mean to reconcile my bank account?

As you write checks, withdraw money, make deposits, and incur bank charges, each of these transactions should be recorded in QBO and then "matched" with the bank's records. This matching process is called reconciling.

Why is it Important?

Reconciling your accounts is essential for ensuring the accuracy of your QBO data. When you compare your bank statement with your QBO data, you can see if the amount you think you have in your checkbook is accurate and make sure that you haven’t left any transactions unaccounted for.

How do I reconcile in QBO?

Reconciling your accounts in QBO is a two-step process. STEP ONE: Begin Reconciliation

  1. Click settings icon.

  2. Select Reconcile.

  3. Select account to be reconciled

  4. Compare beginning balance on the bank statement to the beginning balance in QuickBooks to make sure they match. If not, resolve issues before proceeding. (See troubleshooting solutions below.)

  5. Enter ending balance from your statement.

  6. Enter ending date from your statement.

  7. Click “Start reconciling."

STEP TWO: Reconcile Account

  • If you are using Bank Feeds, it's a breeze! All transactions that have been matched or added from the Bank Feeds will automatically be marked as cleared and the "Difference" should be zero. If it is, just click "Finish now" and "Done." If not, see troubleshooting solutions below.

  • If you are not using Bank Feeds, you'll need to compare individual transactions from your bank statement with those in QBO. When you find a transaction in the Reconcile window that matches a transaction on the statement, mark it as cleared. When the Difference amount is 0.00, click "Finish Now" and "Done" to complete the reconciliation.

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