From the course: QuickBooks Online Essential Training
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Bank reconciliations
From the course: QuickBooks Online Essential Training
Bank reconciliations
- [Instructor] Let's talk about reconciling your accounts. You can reconcile both banks and credit cards to match your banking institution. The purpose of reconciling is that all the debits and all the credits that have been entered into your QuickBooks account matches the actual debits and credits that happen through that banking institution. Let's start by reconciling by clicking on the gear menu and under Tools, clicking on Reconcile. First thing I need to do is I need to pick which account I'm going to reconcile. You can essentially reconcile any balance sheet account but the most common accounts that we're reconciling are going to be banks and credit cards. Let's select Bank of America 1234 so we can reconcile the March statement of the Bank of America account. The beginning balance needs to match the actual statement balance. If your beginning balance doesn't match, you won't be able to reconcile properly. At…
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