Yes, @Suarez-L.
In terms of reconciling your Bank account and LOC, it should match each period of reconciliation to make sure that your reporting and books are accurate. Here's how to reconcile your account:
- Review your opening balance, this should match your real-life bank account.
- Once done, go to the Banking menu and select Reconcile.
- From the Account field, choose the bank or credit card account you want to reconcile.
- The Statement Date is automatically filled in. Usually, it's 30 or 31 days after the statement date of the previous reconciliation. Change it as needed to match your bank statement.
- Then, QuickBooks also automatically enters the Beginning Balance. Ensure it matches the beginning balance on your bank statement. If it doesn't, here's how to fix your beginning balance.
- Enter the ending balance, in the Ending Balance field.
- Input the amounts of the Service Charge and Interest Earned. If your bank statement shows a service charge or interest that you have not yet entered. Don't enter charges you've already added.
- Check the fields. If all data are correct, tap Continue to start reconciling.
For your reference, see our Reconciliation guide page.
Also, it is recommended to always create a backup copy of your company file before making any changes. This is to make sure you have an original copy that you can restore at any time in case of data loss or damage.
Then, to review your past reconciliations, you can pull up the Previous Reconciliation report.
Let me know by posting a comment below if you need further assistance in managing your accounts in QuickBooks. I'm always here to help. Have a good one.
