Title: Client: Consultant: Version: Date:

QB Procedure: Bank Reconciliation Baguio Group of Companies SPCG Inc. Draft April 5, 2023

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BANK RECONCILATION
Follow the steps carefully!
GO TO HOME AND CLICK THE RECONCILE ICON

Screen 1, select or enter…

• Bank Account
• Bank Statement’s Date
• Bank Statement’s Ending Bal.
• Service Charge, if any, and account
• Interest, if any, and account.
• Locate Inconsistencies, if needed.
Press Continue to go to next screen.

Screen 2,
• Under Columns to Display button,
select the items that you want to display.
• Show transactions on or before statement ending date.

From the bank statement, check off….

• checks that cleared the bank (LEFT)

• deposits that cleared the bank (RIGHT)

If you click modify – it will return to screen 1.

COMPARE BANK (PASSBOOK/SUMMARY) TO THE RECORDS IN QB BANK RECONCILIATION

When reconciling the bank statement in QuickBooks, compare the data carefully to ensure accuracy.
And properly reconciled. After Comparing you may click the Reconcile Now

The Reconcile Now button should be selected ONLY when the accountant
Check the Data in QB if confirmed that the amount is existing in the Bank Passbook/Summary already verified the reconciliation. QuickBooks gives you a warning and
• checks that cleared the bank (LEFT) choices when your bank statement and QuickBooks bank account are not
• deposits that cleared the bank (RIGHT)
reconciled.

After checking off cleared transactions in the QB Bank Reconcile screen, the QB total deposits. When the bank statement balance and the QuickBooks checking register are
plus, other credits and the total Checks plus other bank charges should match the Total Deposits and reconciled, a detailed bank reconciliation report should be printed and attached
Checks on the bank statement. to the bank statement.

Note: it is not advisable to undo reconciliations, make sure to click the reconciliation
only if there is zero difference, do not proceed if there are still differences.

Approved and Accepted by:

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Title: Client: Consultant: Version: Date:
QB Procedure: Bank Reconciliation Baguio Group of Companies SPCG Inc. Draft

UNDO RECONCILIATION
If you cannot locate discrepancies when reconciling an account, you can undo your last reconciliation and start again.
The Undo Reconciliation reverts to the previous beginning balance and the previous bank reconciliation (depending on how many times the accountant clicked the reconcile button), charges, interest, and
balance adjustments.

Note: it is not advisable to undo reconciliations, make sure to click the reconciliation only if there is zero difference, do not proceed if there are still differences.
Also, if reconciled make sure to close the QB, to prevent the discrepancies on transactions (on or before the cut-off date)

Select Undo last Reconciliation button on the Locate Discrepancies screen.

If you want to change the date of your opening balance, you'll need to undo your previous reconciliation.
When you redo the reconciliation, you'll be able to enter the correct date.
1. Make sure you back up your data before you begin.
2. Go to the Banking menu and then click Reconcile.
3. In the Begin Reconciliation window, click Locate Discrepancies.
4. Click Discrepancy Report or Previous Reports to view the list of discrepancies or the previous reconciliation report, if necessary.
5. Click Undo Last Reconciliation.
6. Click Restart Reconciliation to repeat the reconciliation process from the beginning. For assistance, contact your consultant.

Approved and Accepted by: Process Owner: Process Performer: Approved by:
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