Banking accounts in QuickBooks are often out of sync with your financial institution. QuickBooks may contain transactions that the financial institution has not processed yet, or not have transactions that have already cleared the bank.
Electronic statements help you solve this problem. They show the transactions that your financial institution has processed and your account balance as your financial institution sees it (which may be different from how it appears in QuickBooks!). You can use this information to bring your QuickBooks records up to date, which makes reconciling much faster and easier at the end of each month.
After you download an electronic statement, it appears in the Items Received area of the Online Banking Center. As you view it, you can match the transactions in it to the ones in QuickBooks.
Electronic statements remain in the Items Received area until you have matched all the transactions in them to ones in QuickBooks. Then QuickBooks automatically deletes the statement for you.
Electronic statements do not replace paper statements. You should still receive paper statements by mail from your financial institution, which will be used to reconcile your account the way you usually do.