10 Steps to Set Up QuickBooks Bank Reconciliation

QuickBooks Bank Reconciliation

Bank reconciliation in QuickBooks program is an e-balancing of your business bank accounts like savings accounts. Reconciliation is the best way to match items you insert into your QuickBooks company file with items that clear your account physically. It’s necessary to accomplish this function to hook up any dealings that may not be listed in the files. In the QuickBooks program, some small-business owners’ usage the current bank account balance feature.

However, if your current bank balance doesn’t equal to the QuickBooks balance, you might face problem for the payments of expenses that your firm doesn’t have the resources to cover up. If you lack accountability, then you can seek the solution by contacting the QuickBooks online customer service number, which is reachable round the clock.

Here’s how to set up Bank Reconciliation on QuickBooks:

  1. Firstly, click the ’Company’ menu at the top of the home screen of your QuickBooks program. Scroll down and choose the ‘For Your Accountant’ menu, followed by the ‘Reconcile’ option.
  1. Input the account you want to reconcile in the ‘Account’ field, and then enter your bank statement date you need to balance. However, if you get any difficulties, dial QuickBooks helpline phone number to gain solutions as soon as possible.
  1. Check the original balance displayed on your physical bank statement, and the balance presented on the Opening Balance sheet in your QuickBooks reconciliation window. If these two balances have mismatched, click ‘Locate Discrepancies’ on their conciliation page. It lets you search different reports to conclude why your statement balances are unequal. Your balances should match to complete an accurate reconciliation.
  1. Input the ending balance displayed on the physical account statement under the ‘Ending Balance’ field of the QuickBooks reconciliation window.
  1. Insert non-account dealings to the reconciliation screen, including service costs charged by the bank, and interest you get from the back for the cash you save in your accounts.
  1. Enter interest you get as income and service payments as an expense. Choose the appropriate income/expense account you use to monitor these kinds of activities. Click on the ‘Continue’ button to stay with the reconciliation process.
  1. Match transactions that display on the reconciliation screen with transactions that show on the bank statement. If you find equality, select the box on the reconciliation screen that matches with your bank statement deal.
  1. Input any transactions that are on the bank statement, but don’t display in the reconciliation window. If you have any confusion in doing that, you can contact QuickBooks phone number for online service.
  1. Check the ‘Difference’ value at the end of their conciliation window is zero. If it’s not zero, you should find more transactions not listed in QuickBooks file. When the difference is zero, click on the ‘Reconcile Now’ button.
  1. Once the reconciliation process is complete, click ‘Finish.’ If you stop the process due to any reason, choose the ‘Leave’ option to end and save the reconciliation. If you make that selection, you need to return and execute the process later.

Before setting up the reconciliation, make sure that you have a bank statement. Nevertheless, if you have any query regarding the steps listed above, then you can dial QuickBooks helpline number and ask the solution from experts and get further assistance as well.



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