Bank Reconciliation is a very important part of QuickBooks accounting software. We will learn all the advantages, issues and setup of Bank Reconciliation in QuickBooks. For more information, you contact QuickBooks Support Phone Number +1866-644-7717 where talk our experts will to you.
What Are The Advantages of Bank Reconciliation?
Bank reconciliation of a significant part of QuickBooks. It has a lot of benefits. Some of its benefits are mentioned below:
- All transactions of your bank account will be recorded into QuickBooks.
- All the reconciled transactions will be recorded into QuickBooks
- You can verify and check the transactions.
- All financial transactions are recorded.
QuickBooks Bank Reconciliation
You need to perform the below steps to reconcile bank statement in QuickBooks.
- Click the Gear icon, then Reconcile.
- Choose the account to reconcile from the dropdown menu.
- Then, enter the Ending Balance and Ending Date of your bank statement.
- Make sure that you verify the Ending Date by looking below at the last statement ending date if this account was reconciled previously. You need to reconcile the following month’s statement.
- Click Start reconciling.
- You will see the transaction of the selected period on the Reconcile page. Tick Off all the transactions in QuickBooks that are listed on your bank statement.
- When the reconciliation is over then the difference amount should be zero.
What Are The Common Issues Of QuickBooks?
If the difference is not zero then you can do a few things below:
- Make sure that the total number of transactions on QuickBooks is equal to a total number of transactions in QuickBooks.
- If the number does not match then make sure that date entered in QuickBooks matches the date of the transaction in the Bank Statement.
- If any transaction is missing then click on the + sign at the top right corner to add the required transaction.
- If the total number of transactions matches then make sure that the transaction amount is the same on the QuickBooks and Bank Statement
How To Get Technical Support For Bank Reconciliation in QuickBooks?
Hopefully, by now you know the importance of Bank Reconciliation in QuickBooks and method to perform it. If you need any type of technical help then you can dial toll-free QuickBooks Payroll Tech Support Number +1866-644-7717 anytime anywhere. Our technical experts are always available to provide you technical assistance to resolve your issue. You can also take support on QuickBooks Live Chat Support.