Reconciling to Your Bank Statement

QuickBooks provides a reconciliation screen than enables you to quickly agree your cash transactions with those that appear on your monthly bank account statement. You sort your transactions in the same order in which they appear on the bank statement, going down the list, checking off each transaction that agrees with the bank statement, and correcting errors if necessary.

When your bank statement arrives, select Banking, Reconcile.

TIMESAVER

You can also click the Reconcile button in the Banking area of the Home page to begin the reconciliation process.

Select the account for which you received a bank statement.

Verify that the beginning balance matches the beginning balance on your bank statement.

Enter the ending balance from your bank statement.

Enter any service charge the bank applied to your account.

Enter the date of the service charge.

Enter the account where you track bank service charges.

Enter any interest you earned on your bank account.

Enter the date on which the interest was posted to your account.

Enter the account where you track interest income.

Click Continue.

Click to check off all the items that appear on your bank statement.

Click Reconcile Now.

Did You Know?

The reconciliation beginning balance should match the bank statement beginning balance. If a difference exists between the two amounts, you can choose to ignore the difference (if it is minimal) or find the discrepancy. Click Locate Discrepancies to view the previous reconciliation report and determine why your balance was not reconciled the previous month.

If you did not reconcile to the penny, this window appears. Click Enter Adjustment to have QuickBooks enter a reconciling adjustment in your register.

Choose Summary, Detail, or Both to choose the type of reconciliation report.

Click Display to view the report onscreen.

Click Print if you want to print a copy of this report (recommended).

Did You Know?

You can see reconciliation reports from previous period. QuickBooks lets you look at your reconciliation report from the previous month in case you need to resolve a discrepancy. Choose Banking and then Previous Reconciliation from the Reports menu. Choose whether you want to display the detailed report or a summary, then click Display.