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#QUICKEN 2017 RECONCILE PROBLEMS HOW TO#
How to reconcile an existing bank account to QuickBooks Online that has never been reconciled Perform a catch-up bank statement reconciliation for all prior yearsĪ bank account that has never been reconciled to QBO will require a special type of bank statement reconciliation, called a “ catch-up reconciliation.” To make a catch-up reconciliation easier to understand, I’m going to work through an example for you. If these errors are not corrected, then your financial statements will no longer be accurate, which can lead to potential tax consequences. This is done in order to check for potential errors, such as duplicate transactions, missing transactions, or incorrectly-entered transactions. When you reconcile to your bank statements, you are verifying that each transaction recorded in QBO is an actual transaction. Let’s begin by learning why a bank statement reconciliation to QBO is so important. Why reconciling bank statements to QBO is so important
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If you are in the same boat as Jill and Bob, and you’ve never reconciled your bank statements to QuickBooks Online, then this blog post is for you! Here is my newest tutorial: Reconciling a bank account that has never been reconciled in QuickBooks Online. As a result, they had to wade through a sea of transactions, and were utterly confused! When their tax accountant, Caroline, heard about this, she fell right out of her chair and sent them away to do some much-needed homework. You see, they had been using their bank account for years, but they never actually reconciled their bank statements to QuickBooks Online. The only problem is, they didn’t know where to start. What did they learn? Well, Jill and Bob learned that they should have been reconciling their bank statements to QuickBooks Online every single month. Jill and Bob are small business owners who read my previous blog post, where I showed how to reconcile bank statements to QuickBooks Online.