Reconciling a bank register in QuickBooks Online

Most of us have our online banking connected with QuickBooks Online so why reconcile?  The reason we reconcile is to ensure we have all of our expenses and deposits recorded and that we are not missing any deposits or expenses. Yes, the downloaded data should be enough but sometimes there is a hiccup, sometimes we make mistakes when assigning these transactions (I’m thinking of transfers here) and it’s better to be safe than sorry. Reconciling should take you just a few minutes and is a strongly held ‘best practice’ in the accounting community. These instructions will help you do this within QuickBooks Online.

Reconciling a Bank in QuickBooks Online

  1. Click on the gear in the upper right corner
  2. Click on Reconcile under the column called Tools
  3. Click the drop down to choose the bank account you wish to reconcile
  4. Confirm the beginning balance matches the bank statement
  5. Enter the ending balance as it appears on the bank statement
  6. Enter the ending date as it appears on the bank statement
  7. Click Start Reconciling
  8. Click the circle on the right side for every transaction that appears on the bank statement
  9. Visually verify the difference is zero dollars
    1. If it is not zero dollars, start over
    2. Add any missing transactions
  10. Click Finish Now

Click here to download these instructions as a PDF

Click here for a link to the QuickBooks Online sample file / sandbox