Skip to main content

1 reply

AlcaeusF
AlcaeusF
August 27, 2020

Welcome to the Community, @kayebeltran-gmai.

 

I can share some information about how to reconcile in QuickBooks Online.

 

To reconcile your companies, you need to match transactions entered into QuickBooks Online against your bank or credit card statements. This process helps ensure the data recorded in your company is accurate financial data.

 

Here's how:

 

  1. In QuickBooks Online, select the Gear icon, then select Reconcile. If you're reconciling for the first time, select Get Started first and choose Let's do it. 
  2. From the Account ▼ dropdown 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.

However, if you're trying to reconcile an account used for both of the companies, there are several things you need to do. You'll need to record the transactions from Company A to B and vice versa to complete reconciliation. I recommend consulting an accountant for expert advice if you have the same situation.

 

Meanwhile, I've attached some articles you can use to learn more about reconciling account and fixing issues you may encounter in QuickBooks:

 

Drop me a comment below if you have any other questions. I'll be more than happy to help. Wishing you a good one.

Terms & ConditionsAccessibility statement