Reconciling your accounts is an essential part of managing your business's finances. QuickBooks Desktop provides a user-friendly interface to help you reconcile your bank and credit card accounts easily. In this article, we will guide you step by step on how to reconcile in QuickBooks Desktop.
Step 1: Select an Account to Reconcile
The first step is to select the account that you want to reconcile. To do this, go to the "Banking" menu and select "Reconcile." Then select the account that you want to reconcile from the drop-down menu.
Step 2: Enter the Statement Date and Ending Balance
The next step is to enter the statement date and ending balance from your bank or credit card statement. QuickBooks Desktop will automatically display the beginning balance based on the previous reconciliation. Make sure that the statement date and ending balance match the statement.
Step 3: Compare Transactions
Once you have entered the statement date and ending balance, QuickBooks Desktop will display a list of transactions that need to be reconciled. Compare each transaction on the list to the transactions on your bank or credit card statement. Make sure that the amounts match and that each transaction has been recorded in QuickBooks Desktop.
Step 4: Reconcile Transactions
As you compare each transaction, select the checkbox next to the transaction to mark it as reconciled. QuickBooks Desktop will automatically calculate the cleared balance and the difference between the cleared balance and the ending balance. Once you have reconciled all transactions, the difference should be zero.
Step 5: Verify Reconciliation
After reconciling your account, it's essential to verify that the reconciliation has been completed correctly. To do this, go to the "Reports" menu and select "Banking." Then click on the "Reconciliation Discrepancy" report. This report will show you any discrepancies between the reconciled transactions and the transactions in QuickBooks Desktop.
In conclusion, reconciling your accounts in QuickBooks Desktop is a crucial step in managing your business's finances. By following the steps outlined above, you can easily reconcile your bank and credit card accounts and verify the reconciliation. This will ensure that your books are accurate and up-to-date.
Outsource Your Bookkeeping to Accounting Supports
If you find yourself struggling with reconciling your accounts or simply want to focus on growing your business, consider outsourcing your bookkeeping to a professional virtual bookkeeping company like Accounting Supports. We provide monthly online bookkeeping services starting at just $99 per month, and our team of experts is well-versed in all major accounting software, including QuickBooks Desktop. Let us handle your bookkeeping, so you can focus on what you do best – running and growing your business.
By outsourcing your bookkeeping to Accounting Supports, you can take advantage of the following benefits:
1. Expert Bookkeeping Services
Our team of experts is well-versed in all major accounting software, including QuickBooks Desktop. We stay up-to-date with the latest changes and updates to ensure that your books are always accurate and up-to-date.
2. Affordable Pricing
We offer monthly online bookkeeping services starting at just $99 per month. This means you can get professional bookkeeping services without breaking the bank.
3. Time Savings
By outsourcing your bookkeeping to Accounting Supports, you can save valuable time that can be spent on growing your business. You won't have to worry about managing your books or keeping up with the latest changes in accounting software.
4. Peace of Mind
We understand how important your books are to your business. That's why we take every measure to ensure that your books are accurate and up-to-date. You can rest assured
