Do you have a bank account that’s never been reconciled or you are moving over to QuickBooks online and you’re not sure of the proper process?
Then you are in the right place. I created this QuickBooks Online tutorial for reconciling your bank account just for you.
Whether you’re using bank feeds or manually entering your transactions, taking the time to reconcile and make sure you don’t have errors in QuickBooks will make your next tax appointment so much easier.
You’ll need to grab your bank statement and hit play 😊
Looking for how to reconcile QuickBooks as an Desktop user ➡️ Click Here
What you need to Reconcile every month
- Bank Account
- Credit Card
What is Reconciliation?
- To know if you entered everything correctly.
- It’s the number one way to show up on your next tax appointment with Confidence.
- Grab your Bank Statement and get into your QuickBooks Online
- Go to “Accounting”
- Select the correct “Account”
**Remember: If you’ve never Reconciled your Account before, Beginning Balance can be Zero. If it is, don’t worry about it.
- Enter “Beginning Balance”
**Remember: The beginning Balance and Ending balance should match your Bank Statement
- “Ending Date” (Last day the Statement Covers)
**Remember: You can’t go back when reconciling in QuickBooks…
- Match the QuickBooks Reconciliation Screen with your Statement (Checkmark the ones that is only cleared)
Reset Statement Ending Date
- To prevent using transactions outside the current statement date.
**Remember: Make sure Difference is always Zero
What to check if you’re not balance?
- Beginning Balance
- Ending balance
- Click “Finish Now” when you’re reconciliation amounts are balanced
If you need to do or enter something to balance your Reconciliation, you can choose “Save Later”
- Then Go back to “Accounting”
- Choose “Resume Reconciling”
- Click “Finish Now” when changes have been made and is now balanced
- Click “Done” or click “View Reconciliation Report”
Have you been using QuickBooks for a while, but when you pull a report you just don’t understand what it’s saying?
Does the idea of going to see your tax professional sound a little stressful and maybe cause you to feel like you want to pull your hair out?
I would love for you to join me on my customizing QuickBooks workshop.
I’ll be sharing:
- The most efficient way to track your Income and Expenses.
- How to create accurate reports in order to view how your business is actually doing and stop second-guessing yourself.
- Where to get the data you need to make the best decisions to grow your business.
And the #1 SECRET to feeling confident at your next tax appointment.
I’m excited to see you on the workshop!
Click here to save your seat → Join My Free Workshop!
🙋🏻♀️ I’d love to connect with you on Instagram or Facebook
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I need help with discrepancies and beginning balance issues
If you are already fairly familiar with how QB works, this is something Candus teaches inside her QuickBooks Simplified community. If you’re interested in learning more, you can go here to join Candus’ workshop on cleaning up mistakes: https://canduskampfer.com/cleanup.
Have a great day! ~Kindra/Team Candus
I would love to see the video on how to reconcile your credit card statement. How can I access that?
Hi Vicky! We don’t currently have on specifically for cc’s but it is the same principle as the bank account. 🙂 ~Kindra/Team Candus
I’d like to see a video on how you clean up the old “stuff” left behind in a reconciliation. That is something my subcontractors seem to struggle with. Thank you.
This is something Candus teaches inside her community QuickBooks Simplified. If you’re interested, you can go here to learn more: https://canduskampfer.com/cleanup.
Have a great day! ~Kindra/Team Candus