Reconcile in QuickBooks
Reconciling your bank account in QuickBooks ensures your business records match your actual bank statements perfectly. Here is the step-by-step process to complete a reconciliation:
### Step 1: Gather Your Documents
Before opening QuickBooks, make sure you have your official **bank statement** for the period you want to reconcile. You will need the **ending date** and **ending balance** from this statement.
### Step 2: Navigate to the Reconcile Tool
1. Log into QuickBooks.
2. Go to the **Settings** menu (the gear icon \ gear) or the **Accounting** tab on the left navigation bar.
3. Select **Reconcile**.
4. If you are reconciling for the first time, you may see a welcome screen; click **Get started** or **Let's do it**.
### Step 3: Select the Account and Enter Statement Info
1. From the **Account** dropdown menu, select the specific bank account you want to reconcile.
2. Check the **Beginning balance**. Ensure it matches the starting balance on your bank statement.
3. In the **Ending balance** field, enter the total ending balance exactly as it appears on your bank statement.
4. In the **Ending date** field, enter the cutoff date of your bank statement.
5. Click **Start reconciling**.
### Step 4: Match and Clear Transactions
QuickBooks will present you with a list of transactions. Your goal is to make sure every item on your bank statement is checked off here.
1. Compare the transactions on your screen with the items on your physical bank statement.
2. For every transaction that appears on your statement, click the circle next to it in QuickBooks to mark it as **Cleared** (a checkmark will appear).
3. Utilize the filters if needed to view only **Payments** (money out) or **Deposits** (money in) to make matching easier.
### Step 5: Address the Difference (The Target is $0.00)
As you check off transactions, the **Difference** amount at the top of the page will change.
* **If the difference is $0.00:** Congratulations! Your books perfectly match your bank statement.
* **If the difference is not $0.00:** Look for missing transactions, duplicate entries, or typos in the amounts. Do not finish the reconciliation until this number hits zero.
### Step 6: Finish the Reconciliation
1. Once the difference is exactly **$0.00**, click the **Finish now** button in the upper right corner.
2. QuickBooks will process the reconciliation and display a success screen.
3. Click **Done** or select **View report** if you would like to print or save a copy of the reconciliation report for your accounting records.
+Gather Documents: Collect your bank statement.
+Navigate to Tool: Access the Reconcile menu in QuickBooks.
+Enter Statement Info: input the statement date and ending balance.
+Match Transactions: Mark checks, payments, and deposits as they appear on your statement.
+Achieve $0.00 Difference: Ensure your cleared balance matches the statement exactly.
+Finish Reconciliation: Select "Finish now" to complete the process.
