Learn How to do a Reconciliation in QuickBooks.
Do you ever wonder what reconciling is and why it’s even important? 🤔
Reconciliation is when you compare your bank statement with what you have entered in QuickBooks.
Whether you use a bank feed or not you need to reconcile. It’s the only way to keep from making mistakes. If you have old transactions, this is a chance to look them over, verify dates and dollar amounts, clean them up, and make sure you have entered every transaction properly.
➡️ Accounts to Reconcile
All Bank Accounts
All Credit Cards
Loans (Quarterly/Once a year)
**Recommended: Reconcile every month.
➡️ What You Need to Reconcile
QuickBooks File
Bank Statement
**When reconciling bank account, you can only move forward
➡️ Reconciling in QuickBooks Online
Go to “Accounting”
“Reconcile”
“Get Started”
Pop up screen will show – choose “Maybe Later”
**Verify that everything matches”
Choose “Account”
“Ending Balance”
“Ending Date”
**Make sure Difference is always Zero
“Start Reconciling”
➡️ Reconciling in QuickBooks Desktop
Go to “Reconcile” Screen
Pick your “Account”
“Statement Date”
Check “Beginning Balance”
“Ending Balance”
Click “Continue”
Start check-marking transactions
**Make sure Difference is always Zero
Click “Reconcile Now”
➡️ QUESTIONS ANSWERED:
➡️ If I’m using Bank Feeds, do I still need to reconcile?
Yes. You still need to reconcile.
➡️ What if I reconcile outside of QuickBooks?
No. You need to actually do it in QuickBooks.
➡️ What do I do if I haven’t reconciled before?
It’s recommended to go back. If you have really old QB files with a lot of mistakes, you can start over or add a new bank account and start entering your data.
➡️ Entering Bank Fees in QuickBooks
I enter them as a normal transaction and just reconcile it.
If you need to learn how to reconcile, here is a link to a video I created that will show you how: https://canduskampfer.com/reconcile-your-bank-account/
If you want to confidently read and understand your reports and know that everything was entered properly, I invite you to join me on my workshop where I talk about starting with the end in mind. Save your seat here: http://canduskampfer.com/workshop
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**Timestamps:**
0:00 - Intro
1:14 - Why reconciling is important?
2:10 - Which accounts you need to be reconciling?
2:30 - Why Loans are important to be reconciled every quarter/year
3:08 - Do I need to reconcile?
3:59 - Bank Feed/Reconciliation (Online version)
5:21 - Best way to do Reconciliation
7:23 - Reconciling outside QuickBooks
8:55 - Reconcile (Desktop version)
10:13 - Need help with QuickBooks?
11:48 - Reconcile every month
12:52 - If you haven't reconciled before...
14:33 - Most important part of Reconciling 💡
16:12 - Entering Bank Fees
17:18 - Final Thoughts
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https://youtu.be/ISscoOPcIFE