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Chapter 15. Recording Your Assets > Reconciling to Your Bank Statement

Reconciling to Your Bank Statement

QuickBooks provides a reconciliation screen than enables you to quickly agree your cash transactions with those that appear on your monthly bank account statement. You sort your transactions in the same order in which they appear on the bank statement, going down the list, checking off each transaction that agrees with the bank statement, and correcting errors if necessary.

Reconcile to Your Bank Statement

When your bank statement arrives, select Banking, Reconcile.

Select the account for which you received a bank statement.

Verify that the beginning balance matches the beginning balance on your bank statement.

Enter the ending balance from your bank statement.

Enter any service charge the bank applied to your account.

Enter the date of the service charge.

Enter the account where you track bank service charges.

Enter any interest you earned on your bank account.

Enter the date on which the interest was posted to your account.

Enter the account where you track interest income.

Click Continue.

Click to check off all the items that appear on your bank statement.

Click Reconcile Now.

Did You Know?

The reconciliation beginning balance should match the bank statement beginning balance. If a difference exists between the two amounts, you can choose to ignore the difference (if it is minimal) or find the discrepancy. Click Locate Discrepancies to view the previous reconciliation report and determine why your balance was not reconciled the previous month.

If you did not reconcile to the penny, this window appears. Enter the date on which you want the adjustment to be recorded.

Click Enter Adjustment to have QuickBooks enter a reconciling adjustment in your register.

Choose whether you want to see a detailed or summary reconciliation report, or both.

Click Display to view the report onscreen.

Click Print if you want to print a copy of this report (recommended).



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