QuickBooks is popular among all small and medium size enterprises because of its User – friendly approach and various accounting tools which makes it all in one App for managing finances. And one such function of the QuickBooks is Bank Reconciliation. Reconciliation in QuickBooks means matching the transactions entered in QuickBooks with your Bank or Credit card Company’s record. It should be done on regular intervals to ensure accuracy of your records.
Important tips to Reconciliation in QuickBooks:
- Detect Discrepancies: Click on the Discrepancy Report button, this will show edited and deleted transactions that may affect your reconciliation.
- Look out for the Transposed Numbers: The most common mistake in bank reconciliation is switching a number, for instance: instead of entering 39, you may enter 93.
- Always double check your ending balance: Always double check the ending balance input.
- Never combine Deposits and Withdrawal.
- Reconcile on a frequent basis: It is an ideal practice to reconcile your bank account on a monthly or if possible then on a weekly basis.
If you still facing problems in Reconciling your banking accounts in QuickBooks then call on our QuickBooks Support Number USA/Canada 1-209-337-3009 for instant support with professionals working day and night in all 365 days of a year.