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Reconcile an Account in QuickBooks Simple Start

The Reconcile feature is found in the Company Menu, under For Your Accountant.
Solution Description
In QuickBooks Simple Start, click on the Company Menu, choose For Your Accountant, then Reconcile.

  1. In the Account field, enter the account you want to balance (reconcile).

  2. In the Statement Date field, enter the date of the bank statement you are trying to match.

  3. Compare the opening balance amount shown on your statement with the amount shown in the Beginning Balance field in the Begin Reconciliation window.

    If the opening balances are different, either use the Locate Discrepancies button to view different types of reports, or if the difference is small, plan to enter an adjustment.

  4. Find the ending balance on your statement and enter it in the Ending Balance field.

  5. Enter any service charges or interest earned in the fields provided.

    • If the financial statement shows a service charge or interest that you have not yet entered into your QuickBooks records, enter those amounts into the Service Charge and Interest Earned fields.

    • In the Account field for Service Charges, enter the Expense Account you use to track service charges. In the Account field for Interest, enter the Income Account you use to track interest income.

  6. Click Continue to open the Reconcile window for the account you've chosen.

    The Reconcile window displays a list of checks and payments, plus a list of deposits and other credits. Using your latest bank statement, check each of the entries to make sure they match.

  7. If you'd like to change the display to see fewer columns, or add columns, click the Columns to Display button and modify accordingly.

  8. When you find a transaction in the Reconcile window that matches a transaction on the statement, Click the transaction to mark it as cleared.

    • For each transaction you select, verify that its amount matches the amount listed on the statement.

    • If some amounts don't match, or if you find transactions that contain other errors, correct the transactions.

    • If you find a transaction on your statement that is not shown in the QuickBooks list of uncleared transactions, enter the transaction now.

  9. When you've finished selecting the transactions, look at the Difference amount in the bottom right corner of the Reconcile window:

    • If the amount is 0.00. Click Reconcile Now. You've reconciled the account with the statement.

    • If the amount is not zero. Your account does not balance for the period of time covered by the statement, and you need to correct the difference.

  10. Click the Finish button when your reconciliation is complete. You may also click the Leave button to finish the reconcile later. QuickBooks Simple Start will save your work so that you can finish at a later time.

KB ID# SLN43781
5/27/2015 6:50:27 PM
QYPPRDQBKSWS05 9102 Pro 2013 b0b398