How to Reconcile in Quickbooks
The commercial product produced by Intuit Inc. known as QuickBooks provides the opportunity for businesses to check inventory, manage databases and track expenses with one piece of software. An important step in managing money for any business is processing month-end reconciliations to maintain an accurate bank account balance. QuickBooks allows maintenance of accounts and balance adjustments with just a couple of clicks on your computer. Learning to do bank account reconciliations is one step to mastering the QuickBooks program.
Things You'll Need
- Paper bank statement
Open QuickBooks on your computer.
Click "Banking” from the startup menu.
Select “Reconcile” from the "Banking" menu.
Compare the beginning balance listed on the reconcile screen to the beginning balance on your paper statement.
Navigate to the text box labeled “Date of Statement” and enter your statement date.
Click the TAB key to move your pointer to the “Ending Balance” box. Enter the amount of the ending balance from your paper statement.
Move to the bottom of the screen and record any banking fees or service charges incurred during the month.
Click the “Continue” button to move to the reconciliation screen.
Compare the deposits listed on your paper statement to the deposits listed in QuickBooks. Click on each line to check off the deposits and mark them as posted.
Repeat the mark-off process for any checks or payments, comparing the posted debits to your entries in QuickBooks and clicking to mark the items.
Refer to the difference amount listed at the bottom of the screen. A correct reconciliation will show a zero amount in this field. If a discrepancy exists, look at QuickBooks for items not checked. This indicates they have not been posted by your bank.
Click “OK” to complete the reconciliation.
Tips & Warnings
- Double-clicking a line item in QuickBooks allows you to make adjustments if needed to reconcile your account.