Zoho is an online account processing software that helps small businesses with project management and word processing, among other activities. An essential part of these activities is the Reconciliation of accounts. It is the adjustment of reports in the balance sheet that ensures no mismatch in your business books. This blog will explain how to reconcile in Zoho Books and some other tasks you can carry out.
If you feel confused at any point, feel free to clear your doubts with Zoho Support at 855-856-0042.
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Table of Contents
Why do I need to Reconcile in Zoho Books?
1. To identify fraudulent transactions.
2. To trace the payables and receivables of the business.
3. To locate duplicate or missing payments.
How to Reconcile in Zoho Books?
Zoho allows you to bind an account to ensure that the transactions of the particular record sync with your transactions entered in Zoho-
- Tap on the Banking module.
- Choose the account for which you have to reconcile transactions.
- Click on the Setting button.
- Choose Reconcile Account.
- Now tap on Initiate Reconciliation.
- Input the Start Date and End Date for the required period.
- Enter the accurate Closing Balance.
- Hit on Start Reconciliation.
- Choose the appropriate transactions.
- Ensure that the Closing Balance and the Cleared Amount match.
- Hit the Edit button.
- Input the amount.
- Tap on Update.
- To wrap up the process, select Reconcile.
How to Correct Reconciliation in Zoho Books?
In several situations, when incorrect data is put into records, you must correct it to reflect your actual accounts. Here is how you can undo your reconciliation-
- Click on the Banking module.
- Choose the account you want to alter.
- Select Settings.
- The following window will display all your reconciliation records.
- Navigate to the reconciliation period.
- Hit the Undo Reconciliation button.
- Tap on Proceed.
- You can edit or re-add the transaction.
How to Erase Reconciliation in Zoho Books?
If you want to delete a reconciliation transaction permanently, follow the steps below-
- Tap on the Banking module.
- Choose the specific account.
- Click on Settings.
- Now tap on Reconcile Account.
- The following window will display your reconciliation records.
- Navigate to the reconciliation period.
- Hit the Trash button.
- To confirm, press Proceed.
- Your records have been erased.
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Zoho Books is a user-friendly application with simplistic features to help you manage your finances better. We hope that our blog on “How to Reconcile in Zoho Books” supported you in learning something new about the software. If you feel uncomfortable navigating through the different tabs of Zoho, we recommend you get in touch with Zoho Support at 855-856-0042 for a personal consultation.
Erica Watson is writing about accounting and bookkeeping for over 7+ years, making even the difficult technical topics easy to understand. She is skilled at creating content about popular accounting and tax softwares such as QuickBooks, Sage, Xero, Quicken, etc. Erica’s knowledge of such softwares allows her to create articles and guides that are both informative and easy to follow. Her writing builds trust with readers, thanks to her ability to explain things clearly while showing a real understanding of the industry.