QuickBooks credit card reconciliation

It is important to reconcile all of your bank and credit card transactions every month.  In this week’s video I walk you through the steps to reconcile the credit card transactions we imported and posted in the prior week’s videos.

Even if all of your transactions have been imported, or are connected to the bank, there is still a chance that some have been added twice, excluded when they should not have been, or not matched to the correct transaction.  In order to be sure your account balance is correct it is necessary to carry out a reconciliation.  QuickBooks Online has a very easy to use reconciliation function that is demonstrated in this video.

If you are having difficulty with your reconciliations please reach out.  Either make a note below, or schedule an appointment.

Video Transcript:

Hi! Kerry here from MyQuickBookKeeping.

In the previous video, I walked you through the steps to import and match or post your credit card transactions. Today, I’m going to show you how to complete a reconciliation in QuickBooks.

So here we are again in our dashboard. I’m going to pop-up to the corner this time and I’m going to choose Reconcile on the tools. Now, we have to choose which account we’d like to reconcile and I’m going to do my TD Visa.

I have my statement here as I showed you earlier so, I’m going to pop-in the ending balance and the date when the statement ends, which is the 15th of May. Oh, do they prefer American dating? Let’s have a quick look here. I’ll just use this. There you go.

So we’ll start reconciling. All of the amounts here have been matched but have a difference of a $108.40. Look at this, it looks like I recorded this twice. So I’m going to exclude one of these and then finished.  Success! Reconciled the account. That was way too quick. Now I have a balance. So now I’m going to need to go and I will delete that previous transaction because I don’t need it to double up. That have to be the quickest reconciliation ever. I have to do another one for you, another date that takes a little bit longer.

Well, that was too fast to learn anything. Hopefully, soon your own reconciliations will be that quick also. Let’s watch the video instructions from QuickBooks Online to see how this looks when you haven’t matched everything from import.

Welcome to this getting started video about reconciling transactions in QuickBooks Online. It’s a good idea to reconcile your bank and credit card accounts every month to ensure that your QuickBooks account balances matched the account balances from you bank or credit card accounts. To reconcile your bank or credit card accounts, click the company menu, then select Reconcile, choose the account that you want to reconcile, then click Reconcile Now. Enter the statement date. Enter the ending balance for your statement. QuickBooks uses this balance to make sure that QuickBooks accounts matched exactly. Click okay. QuickBooks displays the reconciliation window. The left hand side includes all of your charges and cash advances. And the right hand column includes all of your payments and credits. The information at the bottom of the window is the information from the statement. Using your bank’s statement, you’ll select each transaction that appears on your statement and appears in QuickBooks. Select each charge or cash advance on the statement in the left hand column and each payment from the right side. Not every transaction will be selected, only the transactions that have cleared the bank. Once you get the difference to 0, you know that your bank statement ending balance matches the cleared balance in QuickBooks. That is all of that is required to reconcile your accounts in QuickBooks.

Well, that didn’t take much longer. If your reconciliation is not going so smoothly, reach out. If you’re having difficulties, I’m sure someone else is too. Ask a question below. If his has been helpful, be sure to like and subscribe to my channel. If you’d like to sign-up for QuickBooks, you can do so using the link to my website. If there’s anything else you’d like to know about, please comment below. My next video could be for you. Cheers!