QS.3.5.1b Reconciling the Checking Account | Scribe

    QS.3.5.1b Reconciling the Checking Account

    • 0 step
    • AkadianAkadian
    • QuickBooksQuickBooks
    Make sure you do [the previous exercise](https://scribehow.com/shared/QS41a_Match_Bank_Feeds__PaunGfIuR3a3Lj2QU5-nVQ) in the same session of the Sample Company first!
    Before beginning the exercise, be sure to download a copy of Craig's bank statement, found beneath the video inside the course.
    Now let's continue with the exercise inside the Sample Company.
    Click on "Accountant Tools", then select "Reconcile"
    Note that the next couple of screens are there only because you are reconciling for the first time in the Sample company. In a real-life scenario, after reconciling for the first time, you would go directly to the Reconcile screen.
    Click "Get started"
    Click "Let's get reconciled"
    Enter the ending balance from the bank statement *Note that the Checking account is already selected.*
    In the Statement ending date field, type a lower case [[t ]]and QBO will automatically fill in today's date. *In a real-life scenario, you would use the ending date from the Bank Statement.*
    Notice that because we did not process *all* of the bank feed transactions in the previous exercise, QBO will give you a warning message. You can ignore this for now.
    Click "Start reconciling"
    Close any pop-ups that appear
    *Before moving on to reconciling, take a minute to review what you are looking at on this screen.* 1\. The **beginning balance** is the ending balance from the last time you reconciled. It cannot be changed. 2\. The **statement ending balance** is from the bank statement, which you entered on the previous screen. 3\. If you discover you have entered the ending balance or the statement date incorrectly, you can click **Edit info** to change it.
    4\. Next to each transaction is a circle. This will have a **blue checkmark** if the transaction has already been marked cleared (such as by processing bank feeds). You should have two transactions already checked from [the previous exercise](https://scribehow.com/shared/GS41_Match_Bank_Feeds__PaunGfIuR3a3Lj2QU5-nVQ). 5\. When a transaction is checked, it is added to the **total payments** or **deposits**. 6\. The **cleared balance** is the beginning balance minus the payments and deposits. 7\. The **difference** is the statement ending balance minus the cleared balance. *The goal of reconciling is to check off transactions until the difference is zero.*
    You will need to find every transaction on the statement and make sure that it is checked on the reconciliation screen. Two transactions have already been checked, so you just need to check the remaining two.
    Find and check the missing deposit.
    Find and check the missing withdrawal.
    Congratulations! The difference is now zero! *Note that it is normal to have a few transactions that are not yet included on the bank statement. In a real life scenario, you would want to investigate these if they do not clear in a reasonable amount of time.*
    Click "Finish now"
    Click "Done" *Note that in a real-life scenario, you would have an opportunity to attach the bank statement from this pop-up.*
    Want to make guides like this in seconds? Yes, it's really that fast.
    0 Selected
    This Scribe is in tip-top shape!Leave feedback if there are any issues with this Scribe