As a best practice, you should reconcile your accounts at the end of every month to make sure there is no discrepancy between your BillQuick accounts and actual bank statements. Performing reconciliation in BillQuick is easy and straightforward because most of the data is already in your register. You can quickly enter information from your statements (say, ending balance, charges and interest), clear your checks and deposits, and print a report when you have successfully reconciled.
The Reconcile Accounts screen includes all the checks written, deposits made and bank charges incurred. It then allows you to compare these recorded transactions with your bank or credit card statements.
To reconcile your accounts:
- Open the Reconcile Accounts screen from the Accounting menu (or via Chart of Accounts).
- In the Choose Account section, select the account to be reconciled from the drop-down list.
- Under Statement Details, enter the Date and Ending Balance on the statement.
- Enter any Service Charges or Interest Earned on this account, if any.
- Click Next. Check the boxes for the transactions that have cleared since the last reconciliation.
- After you have finished, click Reconcile and choose one of the following:
- Now: When the ending and cleared balances have been reconciled, choose this option. You will be prompted to print a reconciliation report or reconcile another account.
- Later: If you would like to continue the reconciliation process later or if there is a difference between the ending and cleared balance, choose this option.
- Click Close.
Follow these simple 7 steps will save you many hours and headaches down the road!