How to Reconcile Banking Accounts in QuickBooks?

by James Antonio

QuickBooks is well known for the organization of your data, transactions and book records. When it comes to reconciliation, QuickBooks becomes a more quick process to follow. You just need to match your list of transactions carefully. With easy to navigate, you get to finish this task more efficiently and with accuracy. Know how to reconcile banking accounts in QuickBooks.

Reconcile Banking Accounts in QuickBooks

All you need to do is to import your transaction to your QuickBooks account and keep it synced. Your credit card statements, bank transactions and more to count for. With such an advanced approach, you will get more time to plan your funds investment for your budding stage business.

Bank reconciliation is an important steps for a business as it needs accurate data of processed payments and deposits that have been made into the bank account. The reconcile statement will ensure to show you the difference between bank balance and book balance.

Be it any version or any advanced feature of QuickBooks platform, you can always avail the best quality support with us. Experts are available to solve your queries to ensure that you will run your business smoothly without having any issue.

Our tech support team is well versed with in-depth knowledge and ongoing trends. All you need to do is to describe your query and we will take it from there.

Steps to Reconcile Banking Accounts in QuickBooks

To start doing reconciliation of your account, you need to adhere the below mentioned steps:

Reconcile Banking Accounts in QuickBooks

Point: 1 Choose the Banking → Reconcile command.

QuickBooks displays the Begin Reconciliation panel. Choose the account that you simply wish to reconcile from the Account drop-down list.

Point: 2 Use the Statement Date box to spot the ending date of the statement that your mistreatment in your reconciliation.

As it is often the case with date fields in QuickBooks, you enter the date in MM/DD/YYYY date format, or click the calendar button and use it to pick out the right date.

Enter the ending balance shown on your checking account statement within the Ending Balance box.

Point: 3 Use the service fee and Interest attained boxes to spot the number of any service fee or of any interest, the date of any such dealings, and also the account that you simply use to trace those charges.

For example, if your statement shows a service fee, enter the service fee quantity within the initial service fee box. Enter the date of the service fee dealings within the service fee Date box. Finally, opt for associate degree applicable account for pursuit service charges from the service fee Account drop-down list. (Bank charges, as an example, may be a sensible account to trace service charges.)

Similarly, use the Interest attained boxes to explain any interest attained on a business account.

Point: 4 Review the statement info.

After you enter info regarding the checking account, the statement date, the ending balance, and any service fee or interest attained info, take a flash to review the data and make sure that it’s correct. You’ll have a whale of a time adaptation associate degree account if the number that you’re making an attempt to reconcile to is wrong.

Reconcile Banking Accounts in QuickBooks1

Point: 5 After you create positive that everything is o.k., click the Continue button.

QuickBooks displays the Reconcile window.

Point: 6 To establish checks and payment transactions that have cleared your checking account, click the transactions that have cleared.

The Reconcile window will be displaying the lists of transactions: It entails a listing of checks and payments, that will be visible on the left side, and a listing of deposits and various credits, that seems on the proper. After you click a dealing, QuickBooks marks the dealings with a tick, indicating that a dealing has cleared.

You can mark all the transactions in an exceeding list as cleared by clicking the Mark All button. To mark all the transactions in an exceeding list as uncleared, click the Unmark All button.

Use the Deposits and different Credits list to spot those deposit transactions that have cleared the checking account. You establish a cleared deposit dealings within the same manner that you simply establish a cleared check or payment dealings. You’ll be able to click a dealing, that causes QuickBooks to mark the dealings as cleared.

In addition to it one also able to use the Mark All & Unmark All buttons to mark or unmark all the deposits and various credit transactions in just one instance.

If you understand that as a part of the reconciliation, you’ve incorrectly entered the service fee, interest attained, ending balance, or the other info, click the Modify button. QuickBooks re displays the Begin Reconciliation panel. Build the mandatory changes, and click on still come back to the Reconcile window.

Reconcile Banking Accounts in QuickBooks2

Point: 7 Verification of the cleared balance equals the ending balance.

If you provided correct info within the Begin Reconciliation panel, and you have properly known all the transactions that have cleared your account, the ending balance ought to equal the cleared balance.

Point: 8 While the end balance equals the cleared balance, you need to choose and click the Reconcile currently option.

QuickBooks are considered for better record keeping. It can also show you clear transactions as cleared and re-displays the Register window. If you can’t reconcile your associate degree account, you’ll be able to click the Leave button. QuickBooks saves your half-completed reconciliation in order that you’ll be able to come later and end it.

This reconciliation process is very simple that anyone can learn in just one go. You need not have finance background for the same. We have tried to include all the possible information as much as possible. However, if you still face any issues, or you have any query please do not hesitate to ask the experts.


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Imports

Imports

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Customization

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Receive Payment
Estimate
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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

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Frequently Asked Questions

 
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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.


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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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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.

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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.

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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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