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Bank Reconciliation In QuickBooks?

• wizxpert.com

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Table of Contents

1. What is QuickBooks Bank Reconciliation?
2. Why is reconciliation important in accounting?
3. When to conduct Bank Reconciliation?
4. How to Reconcile in QuickBooks?

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What is QuickBooks Bank Reconciliation?

• Reconciling QuickBooks is basically an
  arrangement of matching the financial
  transactions present on the bank statement to
  what you have on your QuickBooks records.It is
  significant to reconcile business bank account on
  a monthly basis, in order to avoid any kind of
  inaccuracy.
• Reconciling the bank accounts on a regular basis
  ensures the user about the following points
• This process allows the user to analyze the
  discrepancies between the records the banks and
  ensure that they are fixed in an apt manner.
• Well-timed notification of any fraudulent
  transactions that may occur is another benefit of
  reconciliation.
• .

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Why is Reconciliation Important in Accounting?

• Reconciliation is an accounting process that
  ensures that the actual amount of money spent
  matches the amount of money spent leaving an
  account at the end of a fiscal period.
• For small businesses, the main goal of
  reconciling your bank statement is to ensure that
  the recorded balance of your business and the
  recorded balance of the bank is same.

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When to conduct Bank Reconciliation?

• You should reconcile your bank accounts monthly,
  ideally around the same time you get your bank
  statement alert that it is available.
• You can also build care into your bank accounts.
• One of the solution is positive pay, which many
  bank offer,counting your bank from accept
  payments unless you have previously notified them
  of the payment.
• Reports are important no doubt, but bank
  reconciliation is crucial to a healthier business
  existence.

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How to Reconcile in QuickBooks ?

• Navigate to the Reconcile page.
• Select an Account to Reconcile.
• Enter Statement Information.
• Match and Clear Transaction.
• Apply Filters so transactions are easier to find.
• Continue clearing transactions until the
  Difference fields is Zero.

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Thank you!