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Reconcile in QuickBooks 2013 or later

Reconciling your accounts in QuickBooks is a lot like balancing your checkbook. This process helps ensure that everything is accounted for in your QuickBooks software and, consequently, ensure that your financial records are accurate.

Detailed Instructions

1. From the Banking menu, select Reconcile.

 
 

2. From the Account drop-down list, select the appropriate account. Enter the ending date of the Statement that you are working with.

Note: If there is a previous 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.

 

3. Compare your statement's opening balance with the amount shown in the Beginning Balance field. Fill out any other relevant information. Click Continue to open the Reconcile- [Account Name] .

Note: If you reconcile regularly and the QuickBooks Beginning Balance differs from the beginning balance on your statement, the discrepancy could be caused by 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.
 

4. Check any items that match your bank account statement.

 

  • If the transaction does not match and the statement is incorrect, please contact your financial institution.
  • If the statement amount is correct and QuickBooks is incorrect:

a.Double-click the transaction in QuickBooks to display it.
b.Correct the error, and then click Save & Close.
c.Click the corrected transaction to reconcile it.

 

If your Difference is zero, congratulations! Click on Reconcile Now to finish your reconciliation and print your reports.
 

If your Difference is not zero, make a note of the difference amount.



Note #1: You may also choose to reconcile anyway by clicking on the Reconcile Now button and then click on 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: If you see any items on the Reconcile screen that do not appear on your bank statement there could be various reasons such as the check/deposit was done near the end of statement period and didn't clear in the bank in time to appear on this statement and it will most likely appear on the next statement. Note: If they do match, proceed to step 7.

  1. Research the transaction to confirm that it was correctly entered into QuickBooks.
  2. 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, click
    Reprint Checks for instructions.
  3. 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.
  4. If you determine that the transaction was entered in error and should not have been entered into QuickBooks, right-click to void the transaction. Note: Voiding a transaction breaks the link to the affected account but the record is retained should there be any future questions. If there is no need to retain a record of the transaction, select the delete option to permanently remove the transaction from your file.

    To delete a transaction if that is the course of action you want to take:

    1. Go to the Banking menu and click on Use Register.

       
       
    2. Select your desired account from the drop down menu.

       
       
    3. Right click on the item(s) that do not match your bank account statement and click Delete. You will need to properly record any missing items as shown on step 7 below.



       
  5. Reference your bank account statement to locate the missing items that you do not see on the Reconcile screen. If these items pertain to your Intuit Payment Solutions account, please reference Record merchant fees and deposits in QuickBooks 2013.
     
     
  6. Once your missing items are properly recorded in QuickBooks, go back to the Reconcile window.


     
  7. Go back to step 4 above to checkmark your new items and finish your reconciliation.

 

If you need to cancel your latest reconciliation, you can do that by using the Undo Reconcile feature. Before canceling the reconciliation, we recommend that you make a backup of your data file. To cancel the reconcile, follow these steps:

•Start again at step 3, making sure that all amounts and transactions have been recorded correctly.

•Click Reconcile Now, and then click EnterAdjustment to finish the reconciliation for the time being. (QuickBooks will enter an adjustment to your account.) Eventually, however, you should locate and correct the cause of the discrepancy.

a.From the QuickBooks Banking menu, choose Reconcile.

b.Select the appropriate account from the Account drop-down list.

c.Click on Locate Discrepancies, click on Undo Reconciliation, and then follow the prompts to complete the process.

KB ID# HOW19578
6/24/2016 8:16:55 PM
QYPPRDQBKSWS05 9132 Pro 2016 a61525