How to Reconcile Bank And Credit Card Accounts in QuickBooks?

by Andrew Walker Accounting, Bookkeeping Services and Training by E

Reconciling 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.

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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.


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 Advanced   Accounting, Bookkeeping Services and Training by E

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Joined APSense since, July 18th, 2023, From Lewes, United States.

Created on Sep 6th 2023 07:22. Viewed 132 times.


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