Last Updated on March 14, 2022
Account reconciliation in QuickBooks is an important task that allows you to connect your bank to the QuickBooks and download all the bank transactions to the application automatically. Furthermore, QuickBooks auto-categorizes your transactions to your sales and expenses to make it more comprehensive. You can have an automatic QuickBooks bank reconciliation report, each time you finish reconciling in the application. In this post, we will discuss how to view, print, or export a reconciliation report in QuickBooks. Let’s move further!
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What Is The Need For QuickBooks Bank Reconciliation Summary Report?
It is important to reconcile your business bank accounts on a monthly basis so that you can track the income and expenses of your business. The reconciliation process helps you to match the transactions on your bank account to what recorded in QuickBooks. When you are aware of your business expenditures, you can make well-informed decisions for the betterment of your business. Below are some significant reasons due to which getting QBbank reconciliation report becomes essential:
- If there is any mismatch between the transactions record in the bank and QuickBooks, you may immediately find and fix this discrepancy.
- If someone is trying to make an unauthorized or fraudulent transaction, reconciling your bank account consistently alerts you to fraudulent activity. In the transaction list, if you see a transaction you did not recognize, you can immediately report it to the bank for the investigation.
What Are The Advantages Of QuickBooks Desktop Bank Reconciliation Report?
QuickBooks pro bank reconciliation report summarizes the beginning and ending balances and lists the transactions that were cleared and which were left uncleared at the time of the reconciliation. QuickBooks bank reconciliation has various advantages such as:
- It confirms that all the transactions in the bank statement are recorded in the QuickBooks
- You can get profit and loss and balance sheet reports generated automatically
- The QuickBooks bank reconciliation report reflects all cleared and uncleared items
What Does QuickBooks Bank Reconciliation Detail Report Incorporate?
When you finish the bank reconciliation in QB and confirm you have a zero difference, you can generate the bank reconciliation report and save it. This report mainly comprises of the below-given information:
- Beginning balance: Your ending balance from last month’s statement will be the beginning balance in the new statement. QuickBooks will generate this field for you.
- Statement ending balance: The ending balance if the amount that you enter from your bank or credit card statement.
- Cleared balance: As you start reconciling each item, this amount will change on the basis of your selection of payment or a deposit transaction.
- Payments: When you select payments to reconcile from the detailed transactions section below, it adds to the amount.
- Deposits: With your selection of deposits to reconcile from the detailed transactions section below, this amount increases.
- Difference: It is the field where QuickBooks calculates the difference between your statement balance and the cleared balance to get the final value zero.
- Transactions: In this section, you can see all of the payments and deposits that have been recorded in QuickBooks as of your statement ending date.
How To View Bank Reconciliation QuickBooks Desktop Report?
If you want to view your bank reconciliation report in QB, then the below-given steps can help:
- In the first place, go to Reports.
- Now type Reconciliation Report in the Find report by the name search bar.
- Next, you have to select the Reconciliation Reports option
- Select the Account which, you want to view the reconciliation report
- From the Report period drop-down arrow, choose the reconcile period.
- Finally, select View Report
How To Print Quickbooks Bank Reconciliation Report?
Printing bank reconciliation reports from within the QuickBooks is very easy. In the upper right of the report, you can locate the Print icon. Click on it to get the job done.
How To Export QuickBooks Bank Reconciliation Report In Excel?
Follow the below-given steps to export the QB bank reconciliation summary report in Excel:
- Highlight the information on the report that you want to export.
- Now, right-click and copy the information.
- Launch Excel and right-click in the area where you want to paste the information.
- Adjust the column widths for the format of the Excel report so that the information display properly
- Hit Save.
Hope this post was helpful in understanding the QuickBooks bank reconciliation report. If you have any doubts related to the reconciliation report in QuickBooks, feel free to connect with us using our helpline number 1.855.738.2784. Our experienced experts will help you to get all your queries answered related to the bank reconciliation report.
Edward Martin is a Technical Content Writer for our leading Accounting firm. He has over 10 years of experience in QuickBooks and Xero. He has also worked with Sage, FreshBooks, and many other software platforms. Edward’s passion for clarity, accuracy, and innovation is evident in his writing. He is well versed in how to simplify complex technical concepts and turn them into easy-to-understand content for our readers.