Another key check, in the QuickBooks file review is to make sure that we’ve got our bank accounts and perhaps our credit card accounts as well reconciled in the system.
So the reconciling QuickBooks can be found in a couple of locations if I go to the little gear in the top here, you can see under my tools I’ve got a reconcile button there, you also maybe approach it from the left hand side under accounting on the left hand side I’ve also got a reconcile button here.
So both of them, if you click on get you to the reconcile screen, you’ll see here there is an instruction how to match the books to the bank records.
So basically it’s saying get your bank statement, and check that your ending balance on your bank statement matches to the balance in QuickBooks. To make to get started there, it will show me again it gives me an example of the process going through here get a statement and check it and reconcile it.
So let’s get straight to it let’s do it and see where we are with the reconciling. So you can see here on this current account and I have a choice of accounts here that I can reconcile on the current account, the last reconcile here is actually 18th of September 2019, which is quite a way away so in this file, I will be suggesting that the reconcile is not up to date, and we will then need to go in here, and make sure that we updated it, by putting the appropriate end date in that we’re reconciling to, and putting the end balance off the bank statement.
So I look at the bank statement here, I would type in the balance that I’m aiming for, on this particular bank, and then start reconciling. And we can see here we’ve got a slight difference in our reconcile. So again, it was worth checking that we have reconciled up to there because we have got a difference and that difference will then need to be investigated to make sure that we’ve got the right information in QuickBooks we’ve not got any duplication or missing transactions through the process.
So check that your bank is reconciled up to date, and particularly make sure that there’s no errors or omissions in the reconcile. So key to our check in and our file is in good order is to make sure that our bank accounts are reconciled. It could be numerous bank accounts, savings accounts, but it can also be credit card accounts that we’d want to reconcile in QuickBooks.