Bank accounts are reconciled on fixed intervals to streamline and equate the financial transactions. This is a very important aspect of accounting as it ensures the well-being of the company’s accounts. QuickBooks endeavors to make accounting processes as easy as it can get so, it has also made the process to reconcile bank accounts in QuickBooks very convenient. QuickBooks also provides summarized reports of these reconciliations. At times, you may also come across some problems while trying to reconcile bank account in QuickBooks. Through this article, we will discuss the process to reconcile bank account in QuickBooks.
“If you are facing any issues while trying to reconcile bank account in QuickBooks or face any error and you want an expert’s assistance to resolve it, then contact QuickBooks Banking Support at 1-(855)-856-0042”
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What is Reconciliation of bank account in QuickBooks
Bank accounts are reconciled to keep the company’s account healthy and to streamline all the transactions. It is done to match the transactions shown in the company’s accounts with your bank and credit card statements. You are advised to reconcile bank account in QuickBooks every month around the time your bank statement gets prepared. On the monthly reconciliation of bank account in QuickBooks, the balance at the end of the previous month should match the balance at the beginning of the new month.
It is a separate process that you need to perform after you have performed other related processes such as importing Bank feeds to QuickBooks. The types of accounts that are generally helpful in reconciliation are Checking account, Savings account, and the Credit card accounts. Other current asset accounts and liability accounts also works in reconciliation.
Key points about bank account reconciliation in QuickBooks
There are a few points related to bank account reconciliation in QuickBooks that you should know. We have listed them out for you:
- You should Audit the bank reconciliation statement by triple-checking the ending balances of bank statements, accounting records, and the reconciliation statements.
- Reconciliation statements are helpful to detect any fraudulent transactions by finding differences between the accounting records and bank statements.
- Bank account reconciliation in QuickBooks provides a warning of any upcoming issues.
- Reconciliation of bank accounts in QuickBooks is a very crucial and sensitive operation so we advise to get help from your accountant. You can also take expert assistance by calling at our 1-(855)-856-0042.
Types of QuickBooks reconciliation problems
Reconciliation of bank accounts in QuickBooks involves a high volume of data and technicality so you might face some problems while performing it. The most common issues that arise are mismatches between the bank statements and the accounting records. Some other problems are as follows:
- While trying to reconcile bank account in QuickBooks, you might get an error message saying “Hold on! Your account is not ready to get reconciled yet” if you have either deleted or modified a previously reconciled transaction.
- If you have changed the date or source account of a previously reconciled transaction then you may get other issues while reconciling.
- It can also happen if there is an error by the bank or the accountant in recording transactions.
- A previous transaction without reconciliation can also cause some problems.
Methods to troubleshoot QuickBooks reconciliation problem
There are several reports which can be used to track and troubleshoot the QuickBooks reconciliation problems. They are as follows:
- Reconciliation reports can track any previous reconciliation transaction that has any errors. Inquire the reasons for such modification and then change them accordingly.
- If there is a missing check that needs reconciliation, then you can find it out by running a Missing Checks report.
- Transaction detail report tells if there are some changes in the transactions.
- You should also make sure to correct any reconciliation adjustments that forcefully match the records.
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After resolving these errors, you should be able to reconcile bank account in QuickBooks efficiently. If you need an expert’s assistance to perform these steps, then contact QuickBooks Direct Support at 1-(855)-856-0042.