Learn here how to reconcile in QuickBooks for Mac operating system:
The search for the process to reconcile accounts in QuickBooks desktop for Mac, ends right here. Account reconcile is a powerful concept, which we will be explaining in detail, with the help of 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.
What is QuickBooks Reconciliation of accounts & it’s 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 ending date of the statement. This issue is regarded to be a commonly encountered issue. But need not to worry, as we have come up with a simplified solution for such kind 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 Bank accounts with QuickBooks Mac
Given below are the steps to reconcile the bank accounts in QuickBooks Mac:
Step 1 – First, Move to the Reconcile page
- Access the reconcile page.
- On the left, click ‘Accounting’ in the side panel.
- Click on ‘Reconcile‘ and you are on the ‘Reconcile Page’
Step 2 – Pick an account to ‘Reconcile’
- After you reach the reconcile page, you should select the account that you will be using in Reconciling accounts.
- Then, Click on ‘Reconcile‘ or ‘Resume Reconciling‘.
Step 3 – Now, Fill in the Statement Information
- Move back to the ‘Reconcile Window.’
- Click 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
- Click on ‘start reconciling.’
Step 4 – Match & clear all the transactions
- Check all the Bank statement. 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.
Step 5 – Clear all the transactions until the difference is ‘ZERO’
- Run the ‘Reconciliation Report’
- Alternately, Tap on ‘Done‘ to run 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 to 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 doubt 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.