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A
ametz1201
April 9, 2024
Question

credit card account reconcile

  • April 9, 2024
  • 1 reply
  • 0 views

Hello,

Do you reconcile the credit card account in QBO like you would for your bank checking accounts?  A must?

TIA 

1 reply

R
RoseJillB
April 9, 2024

Hi there, @ametz1201. Let me share insights about the importance of reconciling accounts in QuickBooks Online (QBO).

 

In QuickBooks, it's also advisable to reconcile your credit card accounts to ensure they match your real-life bank and credit card statements. Doing so will prevent any discrepancies in your financial accounts and keep your records balanced and accurate.

 

Moreover, It is highly recommended to perform this task every month to promptly identify any errors that may have occurred. If your online banking is connected, let's make sure to match and categorize your bank entries and begin the reconciliation process:

 

  1. Go to the Gear icon, and then select Reconcile. For first-timers, click Get Started.
  2. Select the account you want to reconcile from the Account ▼ dropdown and ensure it's the same one on your statement.
  3. Enter or review the Beginning balance. Then, enter the Ending balance and Ending date on your statement.
  4. If you see it, review the Last statement ending date. This is the end date of your last reconciliation. Your current bank statement should start the day after.
  5. When you're ready to start, select Start reconciling.

 

You can check out this article for complete guidelines: Reconcile an account in QuickBooks Online.

 

In cases where you encounter any issues in reconciling your account and managing your opening balances, you can take a look at these articles:

 

 

If you require further assistance or have questions about bank reconciliation, please feel free to inform me by leaving a comment below. I wish you a wonderful day and take care always!

A
ametz1201Author
April 9, 2024

Ok, Well I just connected my business credit card to QBO in Dec 2023.  So that's what I started categorizing the transactions.  Which statement should I use to start reconciling with the correct beginning balance and transactions?  How do you figure that out? TIA

I
Irene R
April 9, 2024

Hi there, Ametz1201.

 

Let me share additional information concerning reconciling your credit card account in QuickBooks Online (QBO). 

 

When creating a new account in QBO, you choose a day to start tracking transactions. Then, you enter the balance of your real-life bank account for whatever day you choose. This amount and start date set the account's opening balance. To know about it, you can read the article for more details regarding entering an opening balance: Enter and manage opening balances in QuickBooks Online. 

 

Furthermore, in reconciling multiple months of statements for the first time, it's vital to follow a specific order to ensure accuracy and avoid confusion. To begin, locate your oldest statement and reconcile it first. Once you have reconciled the oldest statement, move on to the next month's statement and repeat the process until you have reconciled all the statements. It's crucial to reconcile each month separately to avoid discrepancies or mistakes. 

 

I'll be providing you with this article and video reference as guidance when reconciling your account in QBO:

 

 

Moreover, if it's your first time reconciling, and had faced some problems while at it. You can scan through this article and gain an understanding of how to correct it: Fix issues the first time you reconcile an account in QuickBooks Online.

 

If you need further assistance reconciling your credit card account in QBO, notify me by leaving a comment below. I’ll be delighted to assist you at any time.

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