# QuickBooks Online Bank Reconciliation Tutorial | Complete Process ![quickbooks (1)](https://hackmd.io/_uploads/BkU_ZtGBZe.png) Reconciling your bank account in QuickBooks Online is a crucial monthly task that ensures your financial records match your actual bank statements, helping you catch errors, fraud, or discrepancies early. This process prevents issues like overdrawn accounts or tax filing mistakes. Whether you're a small business owner or accountant, mastering reconciliation saves time and maintains accuracy.**866-798-4134 for QuickBooks Help & Support** ## Why Reconcile Regularly? Bank reconciliation aligns QuickBooks entries with bank records, verifying deposits, withdrawals, and fees. Perform it monthly after receiving statements to spot uncleared checks, duplicate transactions, or bank errors. Skipping it risks inaccurate books, affecting profit reports and loan applications. **Benefits include:** - Detecting fraud or unauthorized charges quickly. - Ensuring compliance with accounting standards. - Simplifying audits and tax prep. **Pro Tip:** Connect your bank via QuickBooks for automatic transaction imports, reducing manual entry errors. ## Preparation Before Reconciling Gather your bank statement (PDF or paper) with beginning/ending balances and dates. Review QuickBooks for unmatched transactions under Banking > For Review. Clear old reconciliations if needed by consulting a pro—call 866-798-4134 for guidance. Ensure your chart of accounts lists the correct bank account. If it's your first time, the beginning balance should match your statement's start. ## Step-by-Step Reconciliation Process Follow these detailed steps for seamless reconciliation in QuickBooks Online. ### Step 1: Access the Reconciliation Screen - Log into QuickBooks Online. - Go to **Accounting** (left menu) > **Reconcile**. - Select your bank account from the dropdown. ### Step 2: Enter Statement Information - Input the **Ending Balance** from your bank statement. - Enter the **Ending Date** (usually month-end). - Confirm the **Beginning Balance** matches your last reconciliation or statement start. If not, investigate prior issues. Click **Start Reconciling**. ### Step 3: Match Transactions - QuickBooks displays uncleared transactions. - Check off items matching your statement by **Date**, **Payee**, and **Amount**. - Use filters: Show all dates, cleared/uncleared, or amounts. - Add missing items: Click **Add** for bank fees/interest, categorizing properly (e.g., Bank Charges expense). Handle discrepancies: - **Uncleared checks/deposits:** Leave unchecked if not on statement. - **Duplicates:** Exclude one via Banking tab. ### Step 4: Review the Difference - Target **$0.00** in the Difference column. - If off, click **Locate Discrepancies** for auto-fixes or manual adjustments. - View **Reconciliation Summary** for cleared items preview. ### Step 5: Finish and Print - Click **Finish Now** when balanced. - Print or save the Reconciliation Report for records (Accounting > Reconcile > History by Account). - Repeat monthly. **Time Estimate:** 15-30 minutes per account for most users. ## Troubleshooting Common Issues **Beginning Balance Mismatch:** Review prior reconciliation reports. Undo if errors found (requires admin access) **Difference Won't Zero Out:** - Check date formats (MM/DD/YYYY). - Verify cents (e.g., $10.00 vs. $10). - Split large transactions if needed. **Too Many Transactions:** Use bank feeds to auto-match 80-90%. **First-Time Reconciliation:** Start from account opening date; adjust opening balance equity if needed. For stuck issues, call 866-798-4134—experts resolve in minutes. ## Advanced Tips for Efficiency - **Undo Last Reconciliation:** Accounting > Reconcile > History > View Report > Undo. - **Bulk Match:** Use Ctrl+Click for multiples. - **Apps Integration:** Tools like SaasAnt Transactions speed bulk edits. - **Mobile App:** Reconcile on-the-go via QuickBooks app. **Best Practice:** Reconcile before running payroll or financial reports. ## QuickBooks Online Bank Feeds Setup 1. Banking > Add Account > Search bank > Connect. 2. Import 90 days retroactively. 3. Categorize For Review items. This automates 70% of matching. ## FAQs on Reconciling in QuickBooks Online ### What if my difference is $0.01? Rounding errors common; adjust a transaction by a penny or contact bank. Call 866-798-4134 for audit. ### How often should I reconcile? Monthly, or after each statement. Weekly for high-volume businesses ### Can I skip a month? No—gaps compound errors. Catch up by reconciling sequentially. ### What's the difference between Cleared and Reconciled? Cleared (C) means bank-processed; Reconciled (R) means statement-matched. ### How to fix duplicate transactions? Exclude in Banking > For Review, or delete if uncategorized. ### Does QuickBooks charge for reconciliations? No, included in all plans. ### What if bank statement is missing Download from online banking; use provisional numbers temporarily ### Can I reconcile credit cards too? Yes, same process under Liabilities. ### How to print reconciliation reports? After finishing, or from History by Account. ### Need help with older versions? Steps similar in QuickBooks Desktop; call 866-798-4134 for specifics. ## When to Seek Professional Help If discrepancies exceed 1% of balance or involve payroll/taxes, consult an accountant. QuickBooks ProAdvisors via 866-798-4134 offer remote support, setup, and training. Avoid DIY fixes on complex errors to prevent IRS issues. Learn More Extra [QuickBooks Desktop not working on Parallels](https://sageaccountingsupport.com/quickbooks-desktop-not-working-on-parallels/) You can explore additional tips and examples by visiting [QuickBooks Account Balances Discrepancies](https://quickbooks-account-balances.hashnode.dev/resolve-quickbooks-account-balance-discrepancies-step-by-step?showSharer=true), where everything is explained step by step. ## Printable Checklist - [ ] Gather bank statement. - [ ] Access Accounting > Reconcile. - [ ] Enter ending balance/date. - [ ] Match all transactions. - [ ] Difference = $0.00. - [ ] Finish & print report. - [ ] File statement copy. For personalized QuickBooks Online reconciliation assistance, training, or error fixes, dial **866-798-4134** today. Stay audit-ready!