Learn the easy ways to reconcile accounts in QuickBooks for Mac operating system:
The search for the process to reconcile accounts in QuickBooks for Mac ends right here. Account reconciliation is an effective notion as it goes a long way towards managing all the transactions of your financial institutions. We shall be throwing an intense light on the concept of ‘reconciliation’ and shall make sure that the process of reconciliation accounts in QuickBooks Desktop becomes a mere cakewalk for you. All of it will be explained elaborately in this segment. Thus, if you are interested, make sure to scroll through the segment carefully.
Else you can connect with our tech personnel using our support line and speak with our support team. Our support team will make sure that the walkthrough becomes as easy as possible for you. If you still face any technical adversity, then our experts will connect your system through remote access(with your revered consent) and shall solve the problem on your behalf.
So, let us first get apprised of the concept of QuickBooks reconciliation through a brief overview. In the later segment, we shall implement the lucid steps to perform reconciliation in QuickBooks.
What is QuickBooks Reconciliation of accounts & what are its usages?
QuickBooks Bank reconciliation means matching all your transactions with the accounts to check everything is in line and balanced. In this process, we compare the beginning balance and transactions listed within the QuickBooks company file with the monthly statements from the bank or Credit Card Company and assure if they match. Commonly, we reconcile the checks drawn or made, savings, credit card accounts, etc. Also, we can reconcile current asset accounts and other liability accounts.
Bugs encountered while reconciling in QuickBooks for Mac operating system
There are situations when the users try to Reconcile Bank account for a particular date, the issue arises is that the user is unable to look for the place to enter the last date of the statement. This issue, commonly encountered by users, is a source of exasperation. But you need not worry, as we have come up with a simplified solution for such kinds of errors. In order to get rid of this issue without any further mess, the users are required to carry out the below-enumerated process in a synchronized manner.
You may also see: How to Combine Two Companies in QuickBooks?
Steps to Reconcile accounts in QuickBooks for Mac
Given below are the steps to reconcile the bank accounts in QuickBooks Mac:
1st Step: To reconcile accounts in Quickbooks for Mac, first, visit the Reconcile page
- Access the reconcile page.
- On the left, tap on ‘Accounting’ in the side panel.
- HIt on ‘Reconcile‘ and you will be on the ‘Reconcile Page’
2nd Step: Pick an account to ‘Reconcile’
- After you reach the reconcile page, you should choose the account that you will be using in Reconciling accounts.
- Then, hit on ‘Reconcile‘ or ‘Resume Reconciling‘.
3rd Step: Now, Fill in the Statement Information
- Move back to the ‘Reconcile Window.’
- Tap on the ‘Reconcile’ link given at the top right corner.
- Now, fill in the Statement Information.
- You are given three critical fields- ‘Beginning balance,’ ‘ending balance,’ and the ‘Ending date.’
- Fill in the month date for the field you want to reconcile as the End date.
- Fill in the ending balance and the beginning balance field will get auto-populated with the end balance of the prior month
- Hit on ‘start reconciling.’
4th Step: Match & clear all the transactions
- Check all the Bank statements. You can do this for all the transactions such as payments, deposits, etc. that come up in the Bank statement.
- Check as many transactions as possible as it will lower the difference between statement ending balance & cleared balance until you have a zero in a different field.
5th Step: Finally, Clear all the transactions until the difference is ‘ZERO’ to reconcile accounts in Quickbooks for Mac
- Now, launch the ‘Reconciliation Report’
- Alternately, Tap on ‘Done‘ to access the report now.
- Wait for the transaction until they get Zero.
Finally, the process of reconciling the Bank statements in QuickBooks is done. All your transactions are verified are properly checked. We suggest you reconcile your accounts at least every month to have a clear view of all the transactions. Definitely, the steps given above will surely help you to Reconcile Bank accounts in QuickBooks Desktop for Mac.
You can follow these steps one by one and complete the process of Reconciling. We have given all the necessary information in this article. All you need to do is just go through the steps and follow them carefully. Still, if you meet any doubts, then you can talk to our professionals for resolving reconciliation discrepancies in QuickBooks Mac. You can anytime contact us and get in touch with our QuickBooks technical support experts. We are always there for your help. All you need to do is ring us a call at 1-800-615-2347 and our expert will address your queries.