Undo or Delete Reconciliations In QuickBooks
QuickBooks is popular accounting software. For its amazing features, it is loved by people across the world. One of the key features of this accounting software is reconciliation. This allows users to manage their bank account and credit card accounts with more accuracy and efficiency. In this article, we will talk about how to do, undo or delete reconciliations in QuickBooks.
QuickBooks Desktop Reconciliation
QuickBooks Desktop Reconciliation helps users to avoid any types of massacre or issues with accounts. By using this feature, you can always be clear about your transactions. It is also a safety measurement for people who use their bank accounts or cards often. So stop finding other apps QuickBooks desktop is the right product to sync your transactions in QuickBooks with the reconciliation tool.
What is QuickBooks Desktop Reconciliation
QuickBooks desktop reconciliation is a process to match your bank and credit card statements with your account. It is a process like balancing your checkbook. During this step, you must review your QuickBooks account to ensure that it corresponds to your actual bank and credit card statements. This process helps you manage your accounts and business with more efficiency and accuracy.
It is always advisable to reconcile your checking, savings, and credit card as well as bank accounts every month. After getting your bank statement, it is important to compare the bank transactions with your QuickBooks. If everything is matched perfectly, you can be assured that all your accounts are accurate and balanced.
How to Reconcile transactions in QuickBooks?
Follow the steps mentioned below to reconcile your transactions in QuickBooks.
Step 1- Review your Opening Balance
- Before you start reconciling, make sure to review your opening balance before starting.
- Prepare for the reconciliation
- Enter all transactions that you want to reconcile for the bank statement period.
(Note– wait to enter the uncleared transactions)
Step 2 – Start your Reconciliation
- Start with the oldest bank statement, one statement at a time
- If the QuickBooks desktop still says you’re not signed in at this point, it means you’ve successfully linked your account to a valid company ID. In this case, follow the steps mentioned below.
- Go to the Banking menu
- Select Reconcile
- Go to the account option
- Choose the bank account or credit card account that you want to reconcile.
- The statement date will be auto-filled as the date that came 30 or 31 days after the previous reconciliation.
- You have to change it to match your bank statement.
- As QB auto enters the beginning balance, it uses the ending balance of your last reconciliation.
- Change it and enter the ending balance that matches your bank statement.
- Check your bank statement and enter the service charge and interest. Make sure not to enter the charge you’ve already entered in QuickBooks.
- Check that all fields are correct.
Step 3- Compare your Bank Statement and QuickBooks
To reconcile, match your bank statements with what you’ve entered on QuickBooks. Check if the dates and transactions are right. When you’re ready, follow the steps mentioned below.
- Match your transactions
- Begin with your bank statement’s first transaction
- Find the same statement on the QB reconciliation Window
- Compare those two
- If they match, select it and put a checkmark in the checkmark column.
- The transaction is reconciled
- In the same process, match each transaction with QuickBooks.
(Note– When you clear or add transactions to the reconciliation, simultaneously, the cleared balance amount decreases. On the other hand, it increases when you clear or add deposits and other credit amounts.)
Don’t checkmark a transaction that doesn’t appear on your statement.
How to Check if things are matching quickly?
You can do the process quicker and more efficiently. Here are some tips for that.
- If you’re willing to see the total number and amount that you’ve added to QB reconciliation, the easiest way is to look for the items you’ve marked in the clear section. To see if anything is missing, compare the total number of transactions.
- If you’re willing to edit or get more information about a certain transaction, select that transaction and double click on it.
- If you’re willing to undo a step and make any changes in information
- If you need to edit or get more info about a specific transaction, select the transaction, then Go To or double-click.
- If you need to take a step back and make a change to the info you entered in step 3, go to “Modify.” Here, in the next section, you’ll be able to see the service charges, interests, and end-ending balance.
Check the difference
- When you get to the end, double-check that QuickBooks and bank statements are identical.
- Select ” Reconcile now.”
Step 4 – Review
Once you’re done reconciling, review the whole thing. You can make a print of the report. Follow the steps mentioned below.
- Go to display
How to review a Reconciliation report in the future?
To review a reconciliation report in the future, follow the steps mentioned below.
- Go to the Reports menu
- select the Reports Center
- Then, search and open the Reconciliation report you’re willing to see
- Select your reconciled account
- Then you can go for detail, Summary, or both.
How to undo QuickBooks Desktop Reconciliation?
Follow the steps mentioned below to do so
- Open QuickBooks
- Go to the banking option and select the left menu
- Choose banking on the top of the screen
- Go to register/account history
- Look for the transaction you want to un-reconciled
- Highlights the particular tab on the transaction
- Go to the top line of the transaction and press on the R. You can find it between deposit and amount.
- From here, change the status from Blank to cleared.
- Press on the save button.
- Click yes on the pop-up.
Contact QuickBooks Desktop Reconcialition Experts
This is potentially dangerous work, and you must exercise patience while doing so. To avoid major mistakes, go slowly and carefully through each step, as skipping a step in a hurry can result in QuickBooks reconciliation errors.
Make sure your bank transactions match what you’ve entered in QuickBooks, and also make sure to provide the right information for each transaction. Going through a thorough revision is important. If the difference between your bank transactions and QuickBooks doesn’t come to $0.00 at the end, make sure to go through every single transaction carefully.
Hope this article was helpful to you and you’ve successfully reconciled your transactions in QuickBooks. For further help, you can contact our QuickBooks desktop support representative by dialing- +1888-727-4587.