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R
roccosouth
December 1, 2023
Question

credit card reconcile

  • December 1, 2023
  • 1 reply
  • 0 views

I am new to & need information on CC reconciliation. When you connect your CC account to your bank do you still need to enter each tr

1 reply

Angelyn_T
Angelyn_T
December 1, 2023

Thank you for choosing QuickBooks Online (QBO) as your accounting tool, Rocco. I can provide detailed insights about connecting and reconciling a credit card account in our system.

 

Once you connect your account, you don't need to enter each transaction manually. Your bank entries will be downloaded to QuickBooks automatically. All you need to do is to review, categorize, and approve them from the For Review section.

 

You may run through the resources from this article for more hints about connecting your bank or credit card accounts: Connect bank and credit card accounts to QuickBooks Online.

 

However, if you see existing transactions recorded in QuickBooks manually that are identical to the downloaded ones, link them together to avoid getting duplicates. 

 

Once everything is in place, you can reconcile your account to compare your QuickBooks records and credit card statements. To start:

 

  1. Go to the Gear icon, then select Reconcile.
  2. Select the account you want to reconcile from the Account dropdown menu.
  3. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your statement. 
  4. Enter the Ending balance and Ending date on your statement. 
  5. When you're ready to start, tap on Start reconciling.

 

For more hints about reconciliation, run through the details from this link: Reconcile an account in QuickBooks Online.

 

On the other hand, if you need to print or export your reconciliation reports for future use, utilize the instructions from this link as your guide: View, print, or export a reconciliation report.

 

Feel free to return to this thread if you have additional questions about online banking connection or reconciliation. I'll be right here to help. Stay safe!

R
roccosouthAuthor
December 1, 2023

Good morning and thank you for the quick response, I have been using QB desktop for 20+ years and QBO has got me confused. The CC charges are listed in the bank transactions however they do not appear in the reconciliation when I start the reconciliation. I am confused.

 

Thanks

 

Rocco

J
jeanbiverly_
December 1, 2023

Let me clear things up for you, @roccosouth.

 

Before reconciling, it's essential to match and categorize all downloaded transactions for them to appear during the process. Here's how:

 

  1. In the left navigation panel, go to Transactions, then Bank transactions.
  2. Choose the tile for the account you want to review.
  3. Select the For review tab to start reviewing.

 

Also, you can activate the Enable suggested categorization setting to auto-categorize transactions with the same bank details. For more detailed information, you can refer to this article: Categorize online bank transactions in QuickBooks Online.

 

Additionally, you can set up a bank rule that automatically categorizes your transactions. If they already exist in QuickBooks, you have the option to match, add, or view multiple matches instead of categorizing them. Once they are matched and categorized, they will appear in your bank register. Ensure that the filters are accurate.

 

Feel free to let me know if you need further assistance with reconciling your credit card transactions. I've got your back.

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