Home > Blog > How To Do QuickBooks Bank Reconciliation?
Post by : Admin Category: QuickBooks 27 Dec, 2022 Estimated read time: 05 Min
QuickBooks is the software that helps accountants around the World to keep a systematic and well-arranged financial record of any business and QuickBooks Bank Reconciliation and Benefits arranges the financial records while matching the transactions available in the bank account statements.
Reconciling your bank accounts with QuickBooks is a must and can’t be neglected at any cost. Now, you must be wondering that why it is a must, right? If yes, then let’s take a closer look at the different benefits of QuickBooks Bank Reconciliation!
• Helps to better understand the cash flow
• Identifies true cash positions
• Ensures the accuracy of the Company’s finance records
• Helps to find differences between the two cash balances
• Identifies unusual transactions
Other than the above mentioned reasons, there can be other reasons as well for which you may need to perform QuickBooks bank reconciliation. In this article, we are going to discuss Bank Reconciliation via QuickBooks and the way how you can perform this task.
If you want more details on it, then you can also connect with QuickBooks Online or you can also dial their toll free helpline number to connect with a professional expert in real-time.
Step-By-Step Guide To QuickBooks Bank Reconciliation
Watch this video to follow a Step-By-Step Guide to successfully and appropriately reconcile your bank accounts in QuickBooks.
Information Related To QuickBooks Bank Reconciliation
It is really very crucial to reconcile your account with QuickBooks as it will help you to identify the errors and mistakes in the financial records. Keeping your eyes peeled on the financial records and cash flow of business is really very necessary to avoid any financial crisis in the future.
• This well-designed accounting software comes with a time tracking feature while integrated with Payroll Feature. The employees can log in during their designated hour and the employer can approve the same. And for the rest, stay assured with QuickBooks.
• With the Help of direct deposit, the employer can easily check or pay their employees via QuickBooks. You can also rely upon this accounting software to issue W2s at tax time and also to file online taxes.
You constantly need to check for any sign of a Hoax.
• Is there something unusual without permission?
• Any issue that is creating any replica or alteration which is causing a reduction of money in the account?
• Check for any transfer or withdrawal from your bank account which is unapproved.
There are more than enough benefits of reconciling your bank account with QuickBooks. It alerts you for something unusual in your bank account and also helps you to identify the area of mistake which needs your urgent attention.
• The QuickBooks users should know the current status of the account.
• If the fund is insufficient, then stop the bank charges.
• Be attentive to the bounced payments or unsuccessful payments to employees or others.
• Gain knowledge regarding failed payments and bounced payments so that you can also take the required step when needed.
• Track the outstanding checks.
• Make sure that everything is taking place in the correct way.
• Allow the users to view the errors in their bank account.
It is crucial to keep your eyes on your bank account. If not daily, then at least once a month, you must analyze your bank account. For an expanded business or a higher position, the hoax is possible at any time.so, it’s better to keep your eyes peeled at your account on a regular basis. There are a number of business that takes extra precautions while reconciling your bank account.
To improve the level of care and attention on your bank account, you can also seek professional guidance and assistance from your bank. Positive pay is also a highly appreciated solution by the experts, which fulfills a number of bank requirements and accepts payments.
• QuickBooks are widely used to refine payments and also for direct transfer to bank accounts.
• One can rely upon QuickBooks to accept payment safely and securely. All you need to do is offer your customer different payment options like a credit card, debit card, PayPal, and bank transfer will also work.
• One can swipe or insert their card if there is any card reader available to make payment.
If Account Fails to Reconcile
There will be the time when the users may fail to reconcile their bank accounts. If you are also facing the same trouble, then you don’t have to panic over it because a slight up and down in two statements is really very tiny matter. It’s just an error and can be resolved easily. You can easily recover the missing transaction in the reconciliation of next month.
We will wrap up this post with a positive hope that this helped you to know that why it is necessary for you to reconcile your bank accounts with QuickBooks. If you want to gain more information over QuickBooks Reconciliation, then we will recommend you to connect with QuickBooks Enterprise Support. For this, you can see either connect with them via Live Chat or can also dial their QuickBooks Support Toll Free Number.
Frequently Asked Questions (FAQs)
Q.1 Can I Move QuickBooks to another Desktop?
Ans. Yes, you can easily move QuickBooks from one Desktop to another. There is a systematic method to transfer QuickBooks from one Desktop to another.
Q.2 Can I access QuickBooks from another PC?
Ans. Yes, you can share the QuickBooks desktop version between two PCs.
Step 1: Go to File Option and Open or Restore Company.
Step 2: Click on the Open a company file option and then click on Next.
Step 3: Navigate to your company file and select the company file with .qbw extension.
Step 4: Click on Open. Input your account credentials if required.
Q.3 Do I need to upgrade my QuickBooks with the 2021 version?
Ans. It’s not very necessary if you don’t want to. But if you don’t want to miss out on the advanced features that are introduced in the QuickBooks 2021 version. Although if you are happy with the features of your old version of QuickBooks, then it’s well and good.
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