It is common knowledge that the balance shown for the current account in the bank does not include information regarding the cash available to the user at present. This generates an issue if the user is not aware of outstanding checks that can later on cause a red signal with their checking account. To avoid this problem from arising, user can go for a monthly bank reconciliation process for their account. This process will help to keep track of their cash flow and also garner a complete picture of the cash available to the user. The bank reconciliation process is quite easy, however, at times it can be quite tricky if there are a lot of transactions which is why many users opt for accounting software like QuickBooks Enterprise. You can get in touch with the QuickBooks Enterprise Support Number in case need help or want to consult.
How do I Reconcile Bank Statements in QuickBooks?
Under the QuickBooks Enterprise Bank Reconciliation process following steps are used:
- Comparative Analysis between the Bank’s Closing Balance and Company Books: It is considered to be good practice to compare both books maintained by the company and the bank balance at regular intervals. This process is even more simplified by QuickBooks Enterprise software which compares by performing bank reconciliation once the user has input the closing cash balance of the bank. Users can also process the same by exporting all into a spreadsheet and generating comparative analysis manually.
- Record Bank-Related Transactions to Book Balance: At times many debits and credits are only accounted for through a bank account and are not recorded under the company books. In such cases user should instruct the QuickBooks Enterprise software to process the transactions by adding positive transactions such as interest payments from the bank, and subtracting the negative transactions like fees levied over bounced checks from the cash balance of company books. These transactions are easily recognizable as they are grouped at the bottom of the bank balance sheet.
- Record Book Related Transactions to Bank Balance: Transactions like outstanding amounts yet to be cashed in by the payees are not recorded and shown under the bank statement along with deposits made being processed. All the software has to do is add in the positive transactions related to the deposits still being processed and subtract negative ones like checks yet to be encashed from the bank balance. As opposed to the above point, these transactions are not easily trackable. To process this QuickBooks Enterprise software makes the process quite easy and swift. The user can tick mark the checks and deposits under the reconciliation module under the bank statement making the tracking process much easier. Manual processing of the same can also be done if the reconciliation module does not support the same.
- Compare Both the Balances: Once both the balances have been rectified as per changes under both the bank and company’s book statement, another comparative analysis of the same should be processed to ensure both statements tally with each other.
If the same is not the case, then one of the following situations could be the reason:
- Transaction not Recorded: It is quite possible that the user forgot to add in a transaction related to a check or a deposit sent out through the bank but was not recorded under company books. In such cases, the user should verify all the transactions shown under the bank statement to figure out which transaction is listed under the bank but is missing in the cash balance. Once such a transaction is located, all the user has to do is add them to their cash balance.
- Incorrect Opening Cash Balance: The error, mismatch of balance, can also be encountered in the scenario of the user having an incorrect opening balance wherein the reconciliation will not take place. This situation arises when the account is being reconciled for the first time or the process was not completed properly for the last month.
Get Help For Reconciliation Discrepancy in QuickBooks
If the user still faces issues in the Bank Reconciliation process through QuickBooks Enterprise software, then they should immediately connect with the customer support team of QuickBooks housed by Intuit. The team comprises of proficient technicians trained intensively in all the aspects of QuickBooks.
Most Common Issues QB Reconciliation
| Problem / Errors | Need Help For the Following |
|---|---|
| Quickbooks Bank Reconciliation Not Responding | Quickbooks Will Not Reconcile |
| Quickbooks Not Reconciling | Reconciliation Discrepancies Expense Account |
| Quickbooks Not Reconciled For Years | Quickbooks Bank Reconciliation Adjustment |
| Quickbooks Reconciliation Does Not Match | Quickbooks Bank Reconciliation Automated |
| Quickbooks Reconcile Not Showing All Transactions | Quickbooks Bank Reconciliation History |
| Quickbooks Bank Reconciliation Error | Quickbooks Bank Reconciliation Never Done |
| Quickbooks Reconciliation Disappeared | Quickbooks Bank Reconciliation New Transactions |
Suppose the user does not get connected with the required QuickBooks Technical support team then they could connect with the alternative support agencies. One such agency is called Accountspro which can be called on Toll Free Number – 📞+1800-983-3087 or by visiting the website Accountspro for online chat support.
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