Articles
How to Reconcile Bank And Credit Card Accounts in QuickBooks?
by Andrew Walker Accounting, Bookkeeping Services and Training by EReconciling
bank accounts and credit cards helps users to detect any unusual, incorrect or
unknown transactions that could lead to errors in account balances.
Reconciliation is the process by which users can compare financial transactions
entered into QuickBooks software with records from the bank/credit card
company. QuickBooks experts recommend that you regularly reconcile bank
accounts and credit cards in QuickBooks software as this will ensure the
accuracy of accounting records. QuickBooks accounting software takes into
account all financial transactions, including payments, statements, deposits,
statements, and bank fees. In this blog, we'll explain the entire bank
and credit card account reconciliation in QuickBooks process in QuickBooks.
You can also contact our QuickBooks Computer Support Team for expert
assistance, just by dialing our toll-free number, i.e. +1-844-405-0907.
Read Also:
Let’s Go Through the Steps to Reconcile
Bank and Credit Card Accounts in QuickBooks:
Start the reconciliation window
Steps
for users with payment accounts or QuickBooks merchants:
To
access the Start Reconciliation window, the user must go to the Banking menu and then click the Reconciliation tab.
·
To get started,
in the Account section, the user
must select the bank account/credit card to be reconciled.
·
It should be
noted that the statement date will be filled in automatically. Usually, this is
assumed to happen 30 or 31 days after the statement date entered by the user
for the previous reconciliation. User can change the date at will.
·
In addition, the opening
balance will be auto-populated, which will be the sum of all previously
processed transactions. The user is responsible for ensuring that the opening
balance is equal to the opening balance according to the statement.
·
The next step is
to enter the corresponding statement balance in the Terminal balance section.
·
If the financial
statements show a service charge/interest that you have not entered into your
QuickBooks records, mention the amount in the Service Fee and Earn
Interest fields, respectively. Also, DO NOT import previously entered fees
as QuickBooks financial transactions.
·
Users should
click on the Locate Differences icon
to know about available financial statements that will help users locate discrepancies
and other reconciliation issues. There is an option for Cancel and Restart Matching
tab in the Find Differences window.
·
The last and
final step is to click the Undo Last
Reconciliation button, in case the correction requires you to go back to
the old reconciliation.
Outline:
We
hope that the steps given above are helpful for you to reconcile bank and
credit card accounts in QuickBooks. It is recommended to reconcile bank and credit card accounts as it is a good practice to
regularly update it. It keeps the transaction records perfect. But if you face
any problem you can contact our QuickBooks
support team by dialing our toll-free number +1-844-405-0907. Our highly knowledgeable professional experts are
always here to help you 24/7.
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About Andrew Walker 
Accounting, Bookkeeping Services and Training by E
21 connections, 2 recommendations, 130 honor points.Joined APSense since, July 18th, 2023, From Lewes, United States.
Created on Sep 6th 2023 07:22. Viewed 119 times.
