QuickBooks merchant account reconciliation can help users in identifying mistakes in the transaction stored in any of the merchant accounts. Account reconciliation is a process that organizations must repeat regularly. Among other things, reconciling accounts regularly can help you in identifying:
- Cases of frauds
- Wrong transactions
- Unrecorded transactions
- Double entry
Getting Bank Statement
You need your bank statement in order to reconcile a particular account. You can simply download the bank statement in spreadsheet or WebConnect format. Our certified QuickBooks experts at RepairContact recommend users to use the latter as it can be imported into QuickBooks. Once the statement import, all you need to do is tally the transactions accordingly with the reporting feature present in this accounting software.
Connect Bank Account to QuickBooks
Another option that is more preferred by regular QuickBooks users is to connect the bank account directly with QuickBooks. This will allow you to download the bank statement directly into the accounting software. Further, all the transactions that will happen through that particular account will automatically get recorded in QuickBooks.
To connect your bank account with QuickBooks, follow the steps provided below:
- On the home screen, select Connect an Account.
- Enter password and username for the bank account.
- Specify details about the account you want to connect with QuickBooks.
- Select all the transactions you want to import into QuickBooks.
- Click on Save.
The bank account has connected to QuickBooks and can be use easily from the accounting software itself. If you’re having problems in discovering your username, then you can also use the card number in its place.
Reconciling the Accounts
You can perform a simple reconciliation of all the merchant accounts present in a particular company file. You can include transactions from other company files but for that you will need assistance from QuickBooks technical support team.
Follow the steps provided below to reconcile merchant account in QuickBooks:
- Open QuickBooks.
- Select the Gear Menu.
- Click on Reconcile provided under Tools.
- Select the account that you would like to reconcile using the downloaded bank statement.
- Select Reconcile Now.
- Select the time period for which you want to reconcile the account. Transactions only for that particular period will show up.
- Enter opening and ending balance.
- Match the transactions properly with the bank statement.
- Click on Finish Reconciliation.
This lengthy process of reconciling account is complete. While reconciling, make sure to mark the transactions that you have found in the bank statement.
The ones that are left may have been wrongly added. You can look further into these transactions for more information. Once the process is finished, you’ll also get a compiled report with information about the transactions and the account for the particular financial period.
Our QuickBooks help team is available night and day to help you through complex queries such as reconciling account. With certifications in QuickBooks and accounting, they can help you through these tasks. They will walk you through the entire process or if you’re having problems in following, then they will also provide QuickBooks remote support. To know more, feel free to contact us at +1-800-986-6821(Toll Free.)