Reconcile an Account in QuickBooks Online: Statements, Records, and more

by James Antonio

In your business, multiple transactions take place and each of these transactions needs to be tracked, managed, and recorded. While recording these transactions, one of the vital steps that it includes is the reconciliation of an account.

Reconcile an Account in QuickBooks Online

But how you do It on QuickBooks?

This article will help you with detailed information on how to reconcile an account in QuickBooks Online and more.

What is Reconciliation of an Account in QuickBooks Online?

Account reconciliation on QuickBooks involves the process of matching the transactions done and has been entered into QuickBooks Online. The process is advisable to be done regularly or at least once a month after you have received the statements.

If you wish to fasten the process, even more, all you need to do is to connect QuickBooks to your online bank accounts. At the same time, it is equally crucial to learn the usage of the Undeposited Funds account since you need to be on the same page of matching QuickBooks transactions with your bank statements.

Why do you need to Reconcile a Particular account in QuickBooks Online?

Ideally, the practice of reconciliation of your bank accounts must be done monthly and preferably during the time you have received your bank statements.

Now, the most obvious question would arise here; WHY?

On QuickBooks Online, you get a detailed overview of your bank account via which you need to know what are your current holdings, how much was spent, and what amounts have been gained.

You must find the ending balance of the previous month and the starting balance of the current month matching. With QuickBooks Online, this balancing of the transactions made would be matching with your bank statements if the reconciliation has been done correctly.

No doubt, the chart of accounts acts as the backbone of accounting and QuickBooks Online adds more life to the monthly culmination of all the financial data records.

Thus, for healthy business sustenance, bank reconciliation must be done timely.

How to Reconcile a Particular Account in QuickBooks Online?

choose the respective account

Step 1: The first step includes navigating to the reconcile page; for this, you need to take care of the below actions:

  • Click Accounting
  • Choose Reconcile

Step 2: In step 2, you need to choose the respective account that you wish to reconcile and follow the actions below by opening the account that you want to reconcile. If you have started on the reconciliation process, click Resume reconciling.

Step 3: Fill in the critical information fields as mentioned in your bank statement:

  • Beginning Balance
  • Ending Balance
  • Ending Date

Step 4: Hit Start reconciling

Step 5: After you have started the reconciliation process, the next step is to match and clear the transactions. On the reconciliation page, check transactional data such as deposits, payments against your bank statement and must show as cleared.

This is to primarily ensure that, that the more you keep on checking the transactions, the lesser will be the differences between your cleared balance and ending balance till it reaches zero.

Step 6: Sometimes, due to too many transactions in one place, it might get tough for you to locate the specific ones. On QuickBooks Online, you can apply filters to your transactions which makes it easier for you to locate transactions.

You can filter transactions based on Deposits or Payments, or data such as Cleared Status, Payee, Transaction Type, etc.

If you want to edit any info from the statement, you need to select the Edit Info Tab.

Step 7: Till you find the Difference field to be zero, you need to continue with clearing the transactions. Once the difference field is zero, choose to view the Reconciliation Report by tapping on View report.

If you do not wish to view the report currently, hit Done to finish the reconciliation process.

Now that you have a broader idea on how to reconcile an account in QuickBooks Online, make sure that the regular practice of the same is continued for a healthy status of your business’s financial condition.


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What kind of discrepancy can occur with reconciling accounts on QuickBooks?

If you face an issue where your current month’s opening balance is differing from the ending balance of last month, even though if you have reconciled the accounts properly, there might be some issue occurring.

The most common reasons for such kind of discrepancy would be as follows:

The preceding reconciled transactions have either been deleted, added, or modified.
Some adjustments like journal entries have been done on the reconciled statements.

What Primary Benefits are associated with Reconciling accounts on QuickBooks?

Reconciling accounts on QuickBooks can help you to furnish primary three goals:

Recording all of your banking transactions.
Tracking transactions occurring on QuickBooks.
Ensuring that the transaction accounts are accurate and correctly recorded.

What tips should be kept in mind while reconciling accounts on QuickBooks Online?

Before starting with reconciling accounts on QuickBooks Online, few tips must be kept in mind:

Always check your beginning balances which must be equal.
Start from the first bank statement.
Review the information of the bank statement on QuickBooks.
Map the exact difference.
Balance single transactions at one time.
Evaluate unmarked transactions.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

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Deletes

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Customization

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Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


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XLS, XLXS, etc., are supported file formats by Dancing Numbers.


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Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


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We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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