To learn how to process bank reconciliations, check out our free tutorial.Įrrors like duplicate entries, miscategorized transactions, and incorrect amounts can often be identified while reconciling bank statements because you’re matching transactions entered in QuickBooks Online against transactions shown on the bank statements. By reconciling your bank accounts, you ensure your financial reports are precise, and your tax records are accurate. To ensure accurate financial data, you must reconcile your bank accounts monthly, ideally when you receive the alert that your bank statement is available. Reconciling statements in QuickBooks Online (Source: QuickBooks Online)
