Reconcile Bank Accounts at Year-End
When you receive a bank account statement, reconcile your cash accounts with the bank. There are a few things you need to do to reconcile bank accounts at year-end.
Back up your data
- On the File menu, click .
- Enter a reason for the backup, such as "Backup before reconciling".
- Select a backup method, and enter or select any relevant information.
- Click Start Backup.
- After your data is backed up, you can print the backup information for your reference.
Set up bank accounts
If you haven't already done so, set up the banks where you hold accounts.
Post any open transactions
If posting is required, you must post all transactions before reconciling.
- On the Transactions tab, click .
- Select the open transactions you want to post.
- Click Post Selected.
- Click Yes to back up your data.
- Click Yes to confirm you want to post the selected batches.
- Print any reports you need.
Reconcile the accounts
When you receive your bank account statement, you can reconcile your cash accounts to track which transactions have cleared the bank.
Correct the unreconciled difference
If the adjusted totals are not equal and you have an unreconciled difference, then the statement doesn't balance with the cash account. You must research the problem and correct it.