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How to reconcile QuickBooks Online to a statement
QuickBooks reconciliation compares recorded transactions with a bank or credit card statement. Verify the opening information first, then investigate differences before finishing the reconciliation.
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General information, not legal or tax advice.
Enter the statement information carefully
Intuit’s workflow opens Reconcile, selects the account and uses the statement ending balance and date. Review the last statement date before starting. Menu wording can change, so use the linked instructions if your screen differs, while keeping the bank statement as the source of the entered values.
Match only transactions shown as cleared
Intuit directs matching until the difference is $0.00. Missing entries, duplicates and transactions not yet cleared can explain a mismatch. Check the statement transaction by transaction and leave genuine outstanding items for the later period instead of forcing them into the current reconciliation.
Sources: Intuit - Reconcile an account in QuickBooks Online; Intuit - Fix issues at the end of a reconciliation in QuickBooks Online
Resolve a difference before accepting an adjustment
Intuit warns that finishing with a difference creates an adjusting entry and recommends talking to an accountant first. Verify beginning balance, ending balance and date, then review grouped deposits and downloaded transactions. Delete an entry only when certain it is a duplicate or error.
Sources: Intuit - Reconcile an account in QuickBooks Online; Intuit - Fix issues at the end of a reconciliation in QuickBooks Online
Treat undoing a reconciliation as a consequential change
Intuit warns that undoing deletes related reports and attachments and also undoes subsequent reconciliations. Access depends on the user role and setup. Ask the accountant to review the problem and preserve needed records before choosing that action; a wrong opening balance may need a narrower correction.
Sources: Intuit - Fix issues the first time you reconcile an account in QuickBooks; Intuit - Undo a client's reconciliation in QuickBooks Online Accountant
Sources: enter the statement information carefully
Resolve reconciliation issues in QuickBooks
Tidwell helps reconcile the books and organize supporting schedules for your business decisions. We work with your CPA on tax questions and the financial records they need.