You can see transactions that have come directly from your bank feed, and transactions that you’ve manually added in QuickBooks. To reconcile, simply compare the list of transactions on your bank statement with what’s in QuickBooks. You\u2019ll want to look at your statement, starting with the first transaction listed and find that same transaction in the Reconciliation window in QuickBooks.<\/p>\n

Remember, after undoing a previously reconciled transaction, you may need to re-reconcile to keep your books accurate. Also, it’s always a good idea to consult your accountant or financial advisor before making these changes. Regularly reconciling your books is a crucial practice for ecommerce sellers. First, it ensures the accuracy of your financial data, helping you avoid errors that can lead to misinformed business decisions. Regular reconciliation allows you to catch discrepancies early, preventing a small mistake from becoming a major issue. Select Start Reconciling and carefully match each transaction in QuickBooks to your bank or credit card statement.<\/p>\n

Also, any adjustments or manual journal entries that have been made since the last reconciliation need to be accurately documented in the system. After completing the reconciliation, QuickBooks will generate a reconciliation report. This report provides a detailed record of the transactions you reconciled. If your difference is, for example, $21.50, then look for a transaction for this amount on either your bank statement or the QuickBooks list of transactions. You can click on the amount column in the QuickBooks reconciliation screen to sort the transaction by amount.<\/p>\n

QuickBooks Desktop will automatically generate a Beginning Balance based on your last reconciliation. If you\u2019ve identified any errors on the statement, contact your financial institution at once so they can investigate. After undoing the reconciliation, add any service charges and processing fees on the bank deposit window instead of editing the original transactions in QuickBooks. Triple-check the statement balance, service charge, and interest income you entered from the bank statement.<\/p>\n","protected":false},"excerpt":{"rendered":"