QuickBooks Reconciliation Walkthrough and Troubleshooting
Learn to reconcile an account and find differences.
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[VERIFY] is an editorial flag, not a blank to fill. Wherever the prompt shows [VERIFY], check that item against a reliable source before you use it.
Walk me through reconciling an account in QuickBooks so I can solve the next difference alone. Account type (bank, credit card): [ACCOUNT_TYPE]. Statement ending date and balance: [STATEMENT_DATE_AND_BALANCE]. The difference I am seeing and the symptoms: [DIFFERENCE_AND_SYMPTOMS]. Transactions that look odd: [ODD_TRANSACTIONS]. Explain each step in plain language: why we reconcile, what the beginning balance must equal, how to tick off items, and that the final difference must be zero [VERIFY menu names]. Worked examples (invented): a difference of 45.00 could be a transposition such as 540 entered as 495, and 45 divided by 9 is 5, a clue; a difference of 12.50 might be a missed bank fee. Credit card example: statement balance 1,236.40, beginning balance 980.15, charges cleared 2,050.00, payments cleared 1,793.75; 980.15 plus 2,050.00 minus 1,793.75 is 1,236.40, so the difference is zero; a missing payment of 100.00 would give a difference of 100.00, and show how to find it. Provide a checklist in order and the questions to ask me for more detail. Do not force a reconciliation with an adjustment entry without understanding the cause, and tell my accountant if an adjustment is unavoidable. Keep a log of reconciliations with dates and reviewer. This explains routine bookkeeping practice and does not replace an accountant; add anything that might involve filing or penalties to my list of questions [VERIFY].
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