When you reconcile, you compare your bank statement to what’s in QuickBooks for a specific period of time. Your task is to make sure everything matches. If your accounts are connected to online banking, make sure you match and categorize all of your downloaded transactions.

Next steps: Review past reconciliations

We recommend reconciling your current, savings, and credit card accounts every month. Check out our complete reconciliation guide to understand the full workflow. Start by reviewing a previous reconciliation report. If you reconciled a transaction by mistake, here’s how to unreconcile it. If you adjusted a reconciliation by mistake or need to start over, reach out to your accountant.

When to reconcile

If you need to reconcile more than one month, do them one statement at a time, starting with your oldest statement. Reconciling your accounts is an important part of managing your finances in QuickBooks Online. It allows you to compare your records with your bank or credit card statement and make sure that everything is accurate and up-to-date.

Just like balancing your checkbook, you need to do this review in QuickBooks. You should reconcile your bank and credit card accounts business debt reduction in QuickBooks frequently to make sure they match your real-life bank accounts. You need to review your accounts in QuickBooks to make sure they match your bank and credit card statements. Just like balancing your checkbook, you need to review your accounts in QuickBooks to make sure they match your bank and credit card statements. If the difference is zero, you’ve successfully reconciled your account.

1. If you’re reconciling an account for the first time, review the opening balance.
2. For example, if the payee is wrong, you can click on the transaction to expand the view and then select Edit.
3. If the difference isn’t CA $0.00, or you can’t find a transaction that should be in QuickBooks, don’t worry.

Step 3: Review and match transactions

Since all of your transaction info comes directly from your bank, reconciling should be a breeze. In some cases, your boeing suppliers accounts are already balanced. You can see transactions that have come directly from your bank feed, and transactions that you’ve manually added in QuickBooks. (If you’re in the middle of reconciling, stay on the page you’re on and skip to step 4). You can make changes to past reconciliations, but be careful!

When you reach the end of your transactions, the difference between your statement and QuickBooks should be CA $0.00. If you’re absolutely sure you’ve found a match but a small detail isn’t quite right, such as the payee, don’t worry. Select the transaction in QuickBooks to expand the view, then select Edit.

You can also mark transactions as cleared or add new transactions that may be missing. When reconciling an account, the first bit of information you need is the opening balance. If you’re reconciling an net assets account for the first time, review the opening balance. It needs to match the balance of your real-life bank account for the day you decided to start tracking transactions in QuickBooks. You can start reconciling once you have your monthly bank or credit card statement.