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donna-jcgc-info
January 28, 2021
Question

Bank Reconciliation

  • January 28, 2021
  • 1 reply
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I am doing a bank reconciliation and am finding that some of the entries in QB does not have a bank clearing date which is making the reconciliation out by those amounts.  Can someone explain why this is happening and also how I can rectify it?

1 reply

LieraMarie_A
LieraMarie_A
January 28, 2021

Hi there, @donna-jcgc-info. I've got some information that I'm sure you'll find helpful while working with your reconciliation.


Transactions added or matched are automatically marked “cleared” in the register after you accept them in the bank feed. Entries with no clearing dates may haven't been cleared yet by the bank. Otherwise, you may have manually added but haven't matched these transactions to QuickBooks.
 

Entries that have not yet cleared the bank by the end of the month does not appear on the month-end bank statement. You can check off in the bank reconciliation module all the transactions you see on the bank statement as having cleared the bank.
 

Then, follow these instructions to start reconciling:

  1. In QuickBooks Online, select the Gear icon and then select Reconcile. If you're reconciling for the first time, select Get Started first and then Let's do it.
  2. From the Account drop-down menu, select the account you want to reconcile. Make sure it's the same one on your statement.
  3. Check the Last statement ending date. Make sure your bank statement starts the day after your last reconciliation.
  4. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your bank statement. Here’s what to do if they don't match.
  5. Enter the Ending balance and Ending date as they're written on your bank statement. Some banks call the ending balance a "new balance."
  6. When you're ready to start, select Start reconciling.
  7. From there, you'll have to mark the transactions that appear on your statement.
  8. Once done, the difference between your statement and QuickBooks should be $0.00.
  9. Select Finish now and then select Done. 

 

To learn more about the reconciliation workflow in QuickBooks, you can refer to the articles below. It contains complete information to keep your accounts accurate:

 

Please let me know should you need further assistance with reconciling your accounts. I'm determined to help you succeed. Have a good one!

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