Reconciling a bank or credit card account

Reconciling means ticking off each transaction in your books that appears on your bank or card statement, until your books and the statement agree. Do it every month for every bank and credit card account.

Start

1. 1Go to Reconciliation and choose the account.
2. 2Enter the statement ending date and ending balance from the statement. If you uploaded a .qbo/.qfx/.ofx file, these are filled in for you — check them against the statement.
3. 3Add any service charge or interest earned shown on the statement that isn't in your books yet.
4. 4Click Start reconciling.

Tick off transactions

1. 1The screen lists every unreconciled transaction dated on or before the statement date. Transactions already matched in the bank feed start ticked.
2. 2Tick each one that appears on the statement. Leave anything not on the statement yet (e.g. a check that hasn't cleared).
3. 3Watch the Difference. When it reaches 0.00, click Finish now.

For a credit card, the ending balance is what you owe; charges increase it and payments decrease it.

Save for later keeps your ticks; you can come back to it. Close without saving discards it.

Statement lines from an uploaded file that aren't in your books appear at the bottom — add or exclude them right there.

Beginning balance

The beginning balance is always the ending balance of your last reconciliation. If it doesn't match the statement's opening balance, a reconciled transaction was changed or deleted since — see Fixing reconciliation problems.