While creating reconciliation statements, users are required to match all the entries present in income and expense accounts with the transactions present on their bank statements. But if you are facing “QuickBooks Bank Reconciliation Problems“.
Most Chief Financial Officers (CFOs) agree that bank reconciliation statements can substantially help their organization in maintaining top-notch accuracy. They can be a lot beneficial in identifying cases of fraud.
Table of Contents
- 1 QuickBooks Bank Reconciliation
- 2 Causes- QuickBooks Bank Reconciliation Problems
- 3 Follow the Steps given below for Reconciling Accounts in QuickBooks: Fix Issue
- 4 Use the steps provided below for matching transactions present in your reconciliation statement with the ones present in your bank statement.
- 5 You can also tally the transactions at a later date. For doing so, just save the reconciliation statement
QuickBooks Bank Reconciliation
Account balances are matched with the in-house reports to find any variations. The process of reconciliation ensures that all the details about the related entry within reports are tallied and discrepancies found. Before closing the books of accounts it is vitally important for every business to create a statement of reconciliation and check for the net balances.
Reconciliation statements can be created at the end of every financial period. It is preferable to reconcile accounts on a weekly or monthly basis otherwise the unreconciled transactions will keep piling up. Also, make sure that you have the bank statements for the current as well as previous financial period.
Causes- QuickBooks Bank Reconciliation Problems
Reconciling accounts is a crucial step that every organization needs to follow. Throughout the world, reconciling books is one of the best ways to maintain high-level accuracy within the system.
- Missed transaction on a past reconciliation
- By mistake created a duplicate transaction
- Edited or deleted transactions
Follow the Steps given below for Reconciling Accounts in QuickBooks: Fix Issue
Further, bank reconciliation statements also help organizations in adjusting different types of income and expenses such as interest earned or paid.
- Go to the gear icon
- Click on the Tools tab
- Select reconcile
- Search for the account that you want to reconcile.
- You can easily search for asset and liability accounts by going to the Chart of accounts.
- Also, use the smart search tool and filters to search for particular income or expense accounts.
- Enter statement and data, ending balance, beginning balance. Use the inbuilt calendar to enter the dates.
- Hit Reconcile now and then Hit on OK.
Now, you need to match all the entries present on your reconciliation statement with the ones present in your bank report. By doing so, you will be able to figure out all the inaccuracies present in your books. Also, this will give you the chance of rectifying these inaccuracies before creating year-end or quarterly financial statements.
Use the steps provided below for matching transactions present in your reconciliation statement with the ones present in your bank statement.
- Tally the transactions provided in the bank statement with the one on your reconciliation statement.
- Mark the checkbox against each transaction that you can find on your bank statement.
- Keep on checking the remaining difference between the reconciliation statement and the bank statement.
- Keep on checking the information until the difference in the two statements comes down to 0.
- Adjust all the inaccuracies
- Hit Finish Now
You can also tally the transactions at a later date. For doing so, just save the reconciliation statement
When you want to tally the transactions, follow the steps provided below:
- Go to the gear icon and reopen the reconciliation report dashboard.
- Search and select the reconciliation statement that you want to match with your bank statement.
- Follow the aforementioned steps for reconciling the account and tallying the transactions.
You have now reconciled your income or expenses account. Now, without further ado, you can create and publish your financial statements to delineate your strength to the entire world. Financial statements help organizations in attracting shareholders. It is always a good idea to create error-free financial statements otherwise, the organization might have to experience some backlash.
You can also create other reports on the basis of this reconciliation statement. Make sure to create reconciliation statements on a regular basis. For more information, or for creating a reconciliation statement, feel free to contact us to fix the “QuickBooks Bank Reconciliation Problems and Credit card reconciliation issue“.
You can even give us a call at our QuickBooks error Consultant number and talk to our Experts now.