QuickBooks reconciliation statements can be created via the online version of the accounting software. QuickBooks online is a unique solution that amalgamates the features of the desktop software with cloud hosting. Just like the desktop software, users can create reports such as reconciliation statement in the online version.
QuickBooks Online Reconciliation Statement
Once you have collected accounting data for a specified financial period, then you need to reconcile accounts. The reconciliation process helps users in identifying:
- Cases of fraud.
- Wrong transactions.
- Double entry of transactions.
Double entry and wrong entry of data is a huge problem for accountants. Identifying them without a reconciliation statement is almost impossible. The reconciliation process uses the bank statement to verify the accuracy of each transaction in a particular account.
To Create a Reconciliation Statement in QuickBooks Online, Follow the Steps Provided Below:
- Click on the Gear Icon on the top right corner.
- Select Reconciliation Statement from the Tools menu.
- Select the financial period.
- Enter both beginning and ending balance.
- Click on Reconcile Now.
- Tally transactions from the bank statement.
- Click on Reconcile Now.
- In the Reports menu, you will find a new report titled reconciliation statement.
We recommend that QuickBooks online users integrate their bank account with the platform. This will enable them to easily download the bank statement into the software.
QuickBooks online is a unique platform that joins accounting with cloud hosting and remote access.
With QuickBooks, you can be rest assured about the safety of your financial data. The data servers are protected with various encryption and security software.
Anytime, Anywhere Access
While QuickBooks desktop offers many features, it lags behind in accessibility. Users cannot gain access to the whenever they would like. Further, the software can be installed on a single system for use. On the other hand, QuickBooks online is a web application which can be accessed through any modern Browser like Firefox, Chrome and Internet Explorer.
There are automatic backups for the data saved on their cloud servers. All your data is properly backed up. You can restore data and the company file to a previous version with just a click. Both incremental and daily backups provide true control to the users.
The online version of the accounting software is light and can be accessed via web browsers. This provides unique customization ability for users. Further, reports in the online version are just as customizable as in the offline version. There are multiple plans available to suit every budget. Further, this is a perfect accounting software for both small and medium sized businesses.
With a team of certified QuickBooks ProAdvisors, we can help you through any issue in QuickBooks. Our experts can walk you through the entire process of creating a reconciliation statement. Further, our QuickBooks help team provides round the clock assistance. To know more, feel free to contact our QuickBooks helpdesk at ✆+1-800-272-4169(Toll Free)