How to Reconcile Your Bank Account in QuickBooks 2011
It's inevitable that, at some point, the amount of money in your bank account won't exactly match the amount of money that QuickBooks says is in your bank account. But you can reconcile a bank account with surprising speed in QuickBooks 2011.
First, choose Banking→Reconcile. QuickBooks displays the Begin Reconciliation dialog box.
To begin reconciling your account, follow these steps:
Select the account that you want to reconcile from the Account drop-down list.
Use the Statement Date box to identify the ending date of the bank statement that you're using in your reconciliation.
Enter the ending balance shown on your bank account statement in the Ending Balance box.
Use the Service Charge boxes and the Interest Earned boxes to identify the amount of any service charge or of any interest, the date of any such transaction, and the account that you use to track those charges.
Review the statement information.
After you make sure that everything is hunky-dory, click the Continue button.
QuickBooks displays the Reconcile window.
To identify checks and payments transactions that have cleared your bank account, click the transactions that have cleared.
The Reconcile window displays two lists of transactions: a list of checks and payments, which appears on the left, and a list of deposits and other credits, which appears on the right. You can mark all the transactions on a list as cleared by clicking the Mark All button.
Use the Deposits and Other Credits list to identify those deposit transactions that have cleared the bank account.
If you realize that, as part of the reconciliation, you've incorrectly entered the service charge, interest earned, ending balance, or any other information, click the Modify button. QuickBooks redisplays the Begin Reconciliation dialog box.
Verify that the cleared balance equals the ending balance.
When the ending balance equals the cleared balance, click the Reconcile Now button.
QuickBooks permanently records your cleared transactions as cleared and redisplays the Register window. If you can't reconcile an account, you can click the Leave button. QuickBooks then saves your half-completed reconciliation so that you can come back later and finish it.
If you want, you can print a little report that summarizes your reconciliation after you click the Reconcile Now button. (QuickBooks gives you this option in a dialog box that it displays.) You can also click the Previous Reports button to display a dialog box that lets you print other old reconciliation reports. You can click the Discrepancy Report button to produce a report that lists transactions that have been edited since you last reconciled the account. Finally, you can click the column headings used in the Reconciliation window to sort and re-sort the bank account information.