Few Tips for QuickBooks Bank Reconciliation

Reconciling your bank account is among the most important business activities. This task has to be performed regularly every month. The main objective of performing QuickBooks bank reconciliation is to ensure the integrity of the financial reports and avoiding any misrepresentation of information. QuickBooks accounting services are widely used for this purpose. New users could find some difficulties in performing QuickBooks accounting for small businesses.

Tips to avoid the difficulties while using Quickbooks Bank Reconciliation:  

1. Find out discrepancies

In QuickBooks support services, there is a discrepancies button for identifying the edited or deleted transactions. This option must be used during the reconciliation process.

2. Check the beginning balance

In case of any discrepancy, the undo last reconciliation button should be clicked. This helps in determining the beginning balance; any discrepancies can be identified and corrected.

3. Don’t forget interest and fees

QuickBooks offers the option of recording interest and fees which should not be missed. The debit cash, credit interest income, credit cash, and debit bank charges must be carefully recorded.

4. Ending balance must be properly checked

It is a vital step in ensuring the accuracy of the various statements.

5. Find out transpositions

By dividing the difference between the statements in the accounts by 9, you can find out the transpositions. These transpositions can be corrected easily by using the available options.

6. Enter missing transactions

By choosing a command from the menu missing transactions can be added without closing the reconciliation window.

7. Locate undeposited funds

By selecting the banking option you can make deposits wherever required.

8. Hide unnecessary transactions

By using the hide transactions option’ some of the unnecessary transactions can be hidden to place greater emphasis on important transactions.

9. Remove old transactions

The old transactions which have become void now must be removed by using edit and then void command.

10. Use online banking

The option of using online statements is available in QuickBooks. This helps in posting new transactions quickly.

11. Use the keyboard 

Instead of using the keyword, the mouse should be used while using QuickBooks. This will help in easing the process.

12. Reconcile Frequently 

In order to make the process simpler try to do reconciliation of accounts once every week or fortnight.

Do you think you lack the time and expertise for performing bank reconciliation perfectly using QuickBooks? If yes, you need not worry as the highly dedicated team of Cogneesol is there to support you.

With over 14 years of experience, we have served clients across various industries with our accounting services. Contact us at [email protected] or call us at +1 646-688-2821.