{"id":5202,"date":"2024-08-16T20:28:43","date_gmt":"2024-08-16T12:28:43","guid":{"rendered":"https:\/\/www.seenda.cn\/?p=5202"},"modified":"2024-11-14T17:11:00","modified_gmt":"2024-11-14T09:11:00","slug":"how-to-reconcile-an-account-in-quickbooks-online","status":"publish","type":"post","link":"https:\/\/www.seenda.cn\/how-to-reconcile-an-account-in-quickbooks-online.html","title":{"rendered":"How to reconcile an account in QuickBooks Online"},"content":{"rendered":"

\"reconcile<\/p>\n

The month-end closing process can seem tedious and daunting to many small business owners. Thankfully, learning how to reconcile in QuickBooks Online to close your books can help ease that burden. You can make changes to past reconciliations, but be careful! Changes to completed reconciliations can unbalance your accounts and other reconciliations. It also affects the beginning balance of your next reconciliation.<\/p>\n<\/p>\n

\"reconcile<\/p>\n

If you’re absolutely sure you’ve found a match but a small detail isn’t quite right, such as the payee, don’t worry. Select the transaction in QuickBooks to expand the view, then select Edit. \u201cSummary\u201d is a list of the prior reconciliations and when they were completed. Once you\u2019re on the Reconcile page, select the account that you want to reconcile from the drop-down menu.<\/p>\n<\/p>\n

Step 1: Review your opening balance<\/h2>\n<\/p>\n
    \n
  1. Maintaining accurate and up-to-date records mitigates the risk of tax errors and potential penalties.<\/li>\n
  2. Remember to regularly reconcile your accounts to maintain financial accuracy and avoid discrepancies.<\/li>\n
  3. After entering the statement date and ending balance, you’ll see a list of transactions that need to be reviewed and matched.<\/li>\n<\/ol>\n

    After completing the reconciliation, QuickBooks will generate a reconciliation report. This report provides a detailed record of the transactions you reconciled. Review it for accuracy, and save it for your records. Regularly reconciling your books is a crucial practice for ecommerce sellers. First, it ensures the accuracy of the best self-employed accounting software<\/a> your financial data, helping you avoid errors that can lead to misinformed business decisions.<\/p>\n<\/p>\n

    Community<\/h2>\n<\/p>\n

    For example, if the payee is wrong, you can click on the transaction to expand the view and then select Edit. You can make changes to past reconciliations, but be careful. Changes can unbalance your accounts and other reconciliations.<\/p>\n<\/p>\n

    <\/div>\n<\/p>\n

    So whether you’re self-employed or a small business owner, QuickBooks Online can be an excellent accounting tool. Once everything matches and the difference is $0, select Finish Now. You can select Get Started if operating activities definition and meaning<\/a> this is your first time reconciling. A recent survey suggests that 72% of self-employed contractors do their own accounting.<\/p>\n<\/p>\n

    Step 7: Resolve discrepancies<\/h2>\n<\/p>\n

    As you can see in the screenshot, we\u2019ve selected a checking account to reconcile. Now, simply compare the transactions on your statement with what’s in QuickBooks. The tricky part chapter 4.1 preparing a chart of accounts<\/a> is making sure you have the right dates and transactions in QuickBooks so you know everything matches. Neglecting the practice of regular reconciliation can expose your business to several risks.<\/p>\n<\/p>\n

    The \u201cbeginning balance\u201d field will be auto-populated with the end balance of the previous month (May 2018). If you’re reconciling an account for the first time, review the opening balance. It needs to match the balance of your real-life bank account for the day you decided to start tracking transactions in QuickBooks. Remember, after undoing a previously reconciled transaction, you may need to re-reconcile to keep your books accurate.<\/p>\n<\/p>\n

    Obviously, you wouldn\u2019t want to do either of these. When reconciling an account, the first bit of information you need is the opening balance. If you choose to connect your bank and credit cards to your online account, QuickBooks will automatically bring over transactions and also the opening balance for you. The screenshot below is the page you\u2019ll be taken to next. You\u2019ll need to check this page against the bank statement and check off all of the transactions\u2014payments, deposits, etc.\u2014that show up on the bank statement as cleared.<\/p>\n<\/p>\n

    <\/div><\/p>\n","protected":false},"excerpt":{"rendered":"

    The month-end closing process can seem tedious and daunting […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[1],"tags":[],"yst_prominent_words":[],"class_list":["post-5202","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/posts\/5202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/comments?post=5202"}],"version-history":[{"count":1,"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/posts\/5202\/revisions"}],"predecessor-version":[{"id":5203,"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/posts\/5202\/revisions\/5203"}],"wp:attachment":[{"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/media?parent=5202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/categories?post=5202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/tags?post=5202"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.seenda.cn\/wp-json\/wp\/v2\/yst_prominent_words?post=5202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}