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Prepare to reconcile an account for the first time

Before you reconcile an account for the first time, you should make sure the information you have in QuickBooks is as accurate as possible. The first step toward doing this is to add transactions to QuickBooks to get caught up with your most recent statement.

To get QuickBooks caught up with your most recent statement:

  1. Enter all uncleared transactions in the account.

    Go to the account register and make sure you’ve entered all the transactions for this statement period. While you can always enter any forgotten transactions as you find them during reconciliation, it’s easier if you enter them all before your first reconciliation.

  2. Make sure the Opening Balance transaction in your register matches the ending balance on the first bank statement you will reconcile.

    You can change the amount of the Opening Balance transaction in your register to match the ending balance from the bank statement you received just before you started using QuickBooks.

    Is the date of your opening balance wrong? If you want to change the date of your opening balance you’ll need to undo your previous reconciliation. Even though you’ve never reconciled the account, QuickBooks considers setting up the account with an opening balance and date your first reconciliation. When you redo the reconciliation you’ll be able to enter the correct date.

Once your transactions are added to QuickBooks, you’re ready to reconcile your accounts.

See also

KB ID# H_RECON_FIRST_TIME
10/1/2016 3:19:32 PM
PPRDQSSWS400 9138 Pro 2017 a2f0dd