How to do a Reconciliation in QuickBooks

Learn How to do a Reconciliation in QuickBooks. Do you ever wonder what reconciling is and why it’s even important? 🤔 Reconciliation is when you compare your bank statement with what you have entered in QuickBooks. Whether you use a bank feed or not you need to reconcile. It’s the only way to keep from making mistakes. If you have old transactions, this is a chance to look them over, verify dates and dollar amounts, clean them up, and make sure you have entered every transaction properly. ➡️ Accounts to Reconcile All Bank Accounts All Credit Cards Loans (Quarterly/Once a year) **Recommended: Reconcile every month. ➡️ What You Need to Reconcile QuickBooks File Bank Statement **When reconciling bank account, you can only move forward ➡️ Reconciling in QuickBooks Online Go to “Accounting” “Reconcile” “Get Started” Pop up screen will show – choose “Maybe Later” **Verify that everything matches” Choose “Account” “Ending Balance” “Ending Date” **Make sure Difference is always Zero “Start Reconciling” ➡️ Reconciling in QuickBooks Desktop Go to “Reconcile” Screen Pick your “Account” “Statement Date” Check “Beginning Balance” “Ending Balance” Click “Continue” Start check-marking transactions **Make sure Difference is always Zero Click “Reconcile Now” ➡️ QUESTIONS ANSWERED: ➡️ If I’m using Bank Feeds, do I still need to reconcile? Yes. You still need to reconcile. ➡️ What if I reconcile outside of QuickBooks? No. You need to actually do it in QuickBooks. ➡️ What do I do if I haven’t reconciled before? It’s recommended to go back. If you have really old QB files with a lot of mistakes, you can start over or add a new bank account and start entering your data. ➡️ Entering Bank Fees in QuickBooks I enter them as a normal transaction and just reconcile it. If you need to learn how to reconcile, here is a link to a video I created that will show you how: https://canduskampfer.com/reconcile-y... If you want to confidently read and understand your reports and know that everything was entered properly, I invite you to join me on my workshop where I talk about starting with the end in mind. Save your seat here: http://canduskampfer.com/workshop Subscribe for more QuickBooks tips ➡️ https://www.youtube.com/c/CandusKampf... *Timestamps:* 0:00 - Intro 1:14 - Why reconciling is important? 2:10 - Which accounts you need to be reconciling? 2:30 - Why Loans are important to be reconciled every quarter/year 3:08 - Do I need to reconcile? 3:59 - Bank Feed/Reconciliation (Online version) 5:21 - Best way to do Reconciliation 7:23 - Reconciling outside QuickBooks 8:55 - Reconcile (Desktop version) 10:13 - Need help with QuickBooks? 11:48 - Reconcile every month 12:52 - If you haven't reconciled before... 14:33 - Most important part of Reconciling 💡 16:12 - Entering Bank Fees 17:18 - Final Thoughts I’d love to connect with you 👇 Instagram:   / candus.kampfer   Facebook:   / canduskampfer   CandusKampfer.com: https://canduskampfer.com/ TikTok:   / canduskampfer   Pinterest:   / canduskampfer   #CandusKampfer #QuickBooks    • How to do a Reconciliation in QuickBooks