Stepwise Guide to Reconcile An Account in
QuickBooks Desktop
Just like checking your checkbook, you need to look at your accounts in QuickBooks to ensure they match your
actual bank and credit card statements. This is called reconciling.
You should reconcile your savings, credit card accounts, and other important accounts every month. When you get
your bank statements, compare the list of transactions with what you wrote in QuickBooks. If everything’s the
same, your accounts are correct and balanced. In this blog, we will discuss how to reconcile an account in
QuickBooks Desktop.
Reasons for multi-user problem in QuickBooks Enterprise 2024
Several reasons can cause multi-user problems in QB Enterprise 2024. These reasons can be the following:
1. For QuickBooks to work in a multi-user environment, QBDB Server Manager must be installed on the server
computer. If it’s not there, the multi-user error will appear.
2. If hosting settings are not properly configured, this error can appear.
3. Firewalls and antivirus software prevent communication and block the access of company files.
4. The database server helps manages the company file, when it’s unable to open the file, QuickBooks won’t
work and leads to QuickBooks multi user not working.
Detailed Steps to Reconcile An Account in QuickBooks
Follow the detailed stepwise instructions below to reconcile your account, which will help you
avoid reconciliation discrepancies in QuickBooks Desktop.
Step 1: Check Your Openlaing Bance
First, back up your company file. If you’re reconciling an account for the first time, take a look at the opening
balance to ensure it’s accurate.
Step 2: Prepare for Reconciliation
Enter all transactions for the period covered by your bank statement. If there are transactions that haven’t yet
cleared the bank and aren’t on your statement, wait to enter them.
:
Step 3: Begin Reconciliation
When you get your bank statement, you can start reconciling your account.
If you need to reconcile several months, start with the oldest bank statement and work your way forward, doing
each month one at a time.
Note: If you’re reconciling a Merchant or Payments account and you’re not signed in, QuickBooks will ask you to
sign in to link your account to your company ID.
1. Go to the Banking menu.
2. Choose Reconcile.
3. In the Account field, pick the bank or credit card account you want to reconcile.
4. The Statement Date will be filled in automatically. It’s usually 30 or 31 days after the last statement date.
5. Adjust it to match your bank statement if needed.
6. QuickBooks will fill in the Beginning Balance using your last reconciliation.
Enter the Ending Balance.
7. Add any Service Charges and Interest Earned based on your bank statement.
:8. Check all the information. If everything looks right, click Continue or OK.
If the beginning balance doesn’t match your statement, don’t worry. There are tools to help.
9. If the numbers don’t match, click Locate Discrepancies. This will show you reports to help find the
differences.
10. If you need to start over, you can select Undo Last Reconciliation.
Step 4: Match the Bank Statement and QuickBooks
To reconcile, check the list of transactions on your bank statement against what’s in QuickBooks.
Ensure the dates and transactions are correct.
Before You Start:
1. To see only the transactions for the statement period, choose “Hide transactions after the statement’s end
date.”
2. For credit card accounts, look at Charges and Cash Advances (purchases) and Payments and Credits
(payments). Review one section at a time.
3. For online banking accounts, select “Matched” and enter the Statement Ending Date.
4. To sort the list, click on the column header.
5. If there are more transactions in QuickBooks than in your statement, sort the list again.
Match Your Transactions:
1.
2.
3.
4.
Start with the first transaction.
Find the same one in QuickBooks.
If they match, check the box next to it to reconcile.
Continue matching each transaction. The Cleared Balance will adjust as you clear or add transactions.
If a Transaction is Missing:
1. Check the “Items you’ve marked cleared” section for totals. Compare this to your bank statement.
2. To edit or get more details on a transaction, select it and choose “Go To” or double-click.
3. To change info from Step 3, select “Modify.”
In the end, the difference between your bank statement and QuickBooks should be $0.00. If it is, click “Reconcile
now.”
Conclusion
After following the stepwise instructions given in this guide, you can easily reconcile an account in QuickBooks
Desktop.