How to Reconcile your Bank Accounts in QuickBooks Online 2017 - Free Quickbooks Training Video

 

hi I'm Justine Lackey from good sense bookkeeping and I'm here to teach you a quick tip for reconciling your bank account and QuickBooks Online okay in this video I'm going to talk about the reconciliation feature and QuickBooks Online and why it is so important so to navigate to the reconciliation feature what you're going to do is click your gear icon and under the tool menu you're going to click reconcile

the first thing you have to do is tell QuickBooks which account you want to reconcile and each month every single month you're going to navigate your checking accounts your saving accounts and your credit cards you might actually also reconcile your payroll accounts typically that's something that maybe your accountant or your bookkeeper could do so we're actually going to select the checking account here and click the reconcile Now button you're going to enter the statement ending

date which each month your bank mails you a statement typically these clothes on the last day of the month on the 30th or the 31st but you might have a mid month closing date say the 20th or 22nd in this instance we will use 1231 2016 your beginning balance will already be inside of the screen and that's based off your last reconciliation your ending balance that you put in here is going to

be the ending balance that appears on your statement so let's say it's two thousand seven hundred sixty dollars and 53 cents now if you watch my video about connecting quickbooks online to your bank accounts a lot of times you'll come in here and all you'll need to do is click these two squares that select all and all of your transactions will magically be in QuickBooks because quickbooks online has been talking your bank accounts and

you've been working with those transactions and this number this difference down here will get to zero and that's what you want to do you want this difference to be zero so basically in the quick thing the reconciliation screen what you're doing is what we used to call balancing your checkbook and all of your numbers on your screen should match what your bank statement says so your beginning balance on the screen here should match

the beginning balance on your bank statement all of the debits and that could be checks or debit card purchases or wires out or ACH payments that number your total debits should equal your total debits and quickbooks and all of your deposits should equal your total deposits on your bank statement and then your ending balance as i said should be the ending balance on your statement and if all of these numbers line up then this

difference is going to be to zero and so that's the object of reconciling your account the object is to make sure all of the debits in your quickbooks and all of the credit in your quickbooks equal exactly the debits and credits that your bank has recorded and why is that so important that is so important because you want to make sure that your books match what your bank says so all of the

debits and credits in quickbooks should absolutely equal all of the debits and credits in on your bank statements and credit card statements and it's only by using the reconciliation tool that you can be sure 100% sure that your books match your records and that is why reconciling is so important i hope you found this video helpful this is Justine lackey from Goodson's bookkeeping and I hope you enjoyed this tip for more savvy ways

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 hi I'm Justine Lackey from good sense bookkeeping and I'm here to teach you a quick tip for reconciling your bank account and QuickBooks Online okay in this video I'm going to talk about the reconciliation feature and QuickBooks Online and why it is so important so to navigate to the reconciliation feature what you're going to do is click your gear icon and under the tool menu you're going to click reconcilethe first thing you have to do is tell QuickBooks which account you want to reconcile and each month every single month you're going to na...