Quickbooks Bank Reconciliation FAQS

• How to Set Up Bank Reconciliation on Quickbooks?
• What is the Importance of Bank Reconciliation?
• In what way to Reconcile in Quickbooks?

1. How to Set Up Bank Reconciliation on Quickbooks?

• The bank statement that you are reconciling is for a new account by a $0.00 beginning balance, or
• You are beginning to use QuickBooks, reconciling an already-existing account with a beginning balance other than zero; that beginning balance was entered when it was set up as a bank account in the chart of accounts.
• Complete activity from the bank statement period has been entered into QuickBooks.

Bank reconciliations in QuickBooks are easy; the task comes built in with the software for your convenience.

2. What is the Importance of Bank Reconciliation?

The most important reason to reconcile bank accounts clearly with the bank reconciliation module in QuickBooks is because doing so prevents mistakes. A bank account holder has only a short period of time to dispute transactions. After that, it's not the bank's problem, it is the account holder's problem. QuickBooks' bank reconciliation module is simple to use and brings mistakes to the forefront.

Moreover, it is authoritative to maintain a positive relationship with your bank and avoid overdrafts. It is stress-free to take simple checking for granted until you have to do without it. QuickBooks' bank reconciliation is a fast way to stay on track and avoid mistakes.

3. In what way to Reconcile in Quickbooks?

The commercial product produced through Intuit Inc. known as QuickBooks offers the opportunity for businesses to check inventory, manage databases and track expenses with one piece of software. An important step in managing money for every business is handling month-end reconciliations to maintain an exact bank account balance. QuickBooks allows maintenance of accounts and balance adjustments with just a couple of clicks on your computer. Learning to do bank account reconciliations is one step to understanding the QuickBooks program.