You can quickly reconcile an account in QuickBooks Desktop, credit card account, or loan account by using the Reconcile feature of QuickBooks rather than manually "balancing your chequebook."

Steps to reconcile an account in QuickBooks

The process of reconciling an account in QuickBooks can be broken down into the following steps.

• You should confirm the time period covered by the reconciliation by reviewing your bank statement.
• Click the Reconcile button in the Banking section of the Home page to get started.
• Pick the account you want to reconcile from the drop-down menu labelled Account.
• In the field labelled "Statement Date," either type or select the closing date of the bank statement that is being reconciled.
• Check the amount that is displayed in the Beginning Balance field against the opening balance amount that is listed on your bank statement.
• In the field labelled "Ending Balance," enter the ending balance that is displayed on your bank statement.
• Enter the amount and date of any previously unrecorded service charges from your bank statement into the field labelled "Service Charge."
• Choose the account that will be charged for the service from the drop-down list under Account.
• Fill in the amount and date of any previously unrecorded interest from your bank statement in the field labelled "Interest Earned."
• Choose the account that will be credited with the interest earned by using the drop-down list under Account.
• Check that the totals listed in the window titled “Begin Reconciliation” correspond to the totals listed on your bank statement, and then clicks the "Continue" button.
• Clicking the transactions that are listed on the bank statement you are reconciling within the Reconcile window will mark those transactions as having been cleared. Once the ending balance and the cleared balance are equal, the difference between the two will show 0.00. Click the "Reconcile Now" button after ensuring that the account has been reconciled and that the information is accurate.
• Choose the type of reconciliation report you want to display or print in the Select Reconciliation Report dialogue box, then click the output option that best suits your needs.
• Choose the "Reconciliation Report Dialog box" option.
• It is highly recommended that both of the reconciliation reports be printed out for your records.

When you reconcile an account, you are able to print reconciliation reports at any time. You have the option of saving reconciliation reports in PDF format or printing a hard copy in the event that any account discrepancies arise during the subsequent reconciliation.

As soon as you record or save changes, QuickBooks immediately refreshes the Reconcile window with the most recent versions of your transactions. If you find an error, you can double-click on a transaction to zoom in on it, or you can record a transaction using QuickBooks's standard procedures. Both of these options are available to you if you find an error.

Click the Modify button if you discover that you have entered any of the information necessary for the reconciliation incorrectly, including the service charge, the interest earned, the ending balance, or any other information. QuickBooks brings up the dialogue box to start the reconciliation again. To return to the Reconciliation window, first update the amount, and then click the Continue button.

Wrapping-up!

We hope that this blog post was able to provide you with all of the information that you required regarding the QuickBooks account reconciliation process and how to complete it. If you require any additional information, please do not hesitate to get in touch with our QuickBooks customer support team by calling our helpline number i.e., 1-800-615-2347 our customer executives are available around the clock to assist you.