What does it mean to "reconcile" your QuickBooks?

It means to AGREE. ✔

Let's say that you have a checking account that you have labeled, "Checking (1234)."

  • You receive your bank statement on the 5th of every month.

  • On the statement, you find the ending balance (or "new balance").

  • In QuickBooks Online, you go to the Gear, then to Reconcile.

  • In QuickBooks Desktop, you go to the Banking menu, then to Reconcile.

  • In the Reconcile window, you choose Checking (1234).

  • Then you enter the ending balance from the bank statement and the ending date.

  • The first thing you do in the Reconciliation Window is to make sure that the beginning balance in QuickBooks AGREES with the beginning balance on the bank statement.

  • Next, you check off all the deposits and credits in QuickBooks that match the deposits and credits in the bank statement.

  • If QuickBooks and the Bank AGREE on the deposits, then you have "reconciled" the deposits for the month.

  • After that, you check off the checks and payments in the same way, and if they AGREE, you have "reconciled" the checks and payments for the month.

  • If you are in total AGREEMENT, you will see a difference of zero, and you have the "green light" that you can Reconcile now.




CONTACT
LOCATION
HOURS

Email Us
Phone: (833) 700-ACCT (2228)
 

Headquarters

1401 N Elm Ave

Hastings, NE 68901

Mon - Fri: 8am - 6pm

​​Saturday & ​Sunday:
Call for an Appointment

© Accounting Recon      Site design and maintenance MDVC Creative