QuickBooks has been rolling out their new reconciliation feature. This feature was previously only found in Labs but is now moving into production. In Fall 2016, I did a walkthrough of how the feature works.
How do you know if you have the new version? Go to the Gear icon and then choose Reconcile.
If you get a screen like this, then you’re in business!
If not, you’ll have to be a little bit more patient. It’s already rolled out in Canada, and it’s being deployed to other areas as times marches on.
When you choose an account, you’ll get one of two views. The following view is what you’ll get if you have a bank that doesn’t have a bank feed connected. You’ll see the option to add a service charge or interest earned.
If you do have a bank feed connected account (which is most likely the case), the reconciliation page will look something like this.
Since service charges and interest will come through the bank feed, there’s no option to enter them.
Once you start reconciling, you’ll see a view that includes both payments and deposits together. However, you can toggle the view to show payments only or deposits only.
There are a few things to notice.
- This diagram detailing how you arrived at your balances can be collapsed.
- This is the arrow that collapses the detailed balance view.
- If a line is not reconciled, it’s white. If it’s reconciled, it’s grey.
- The overlapping green boxes represent transactions that have been manually added from bank feeds. If you’ve used the bank feed to enter or match your transactions, they will both have the green boxes as well as the check mark (5).
- This is the check mark representing a reconciled transaction.
- This lets you filter your view.
The filter has the following options.
If you think you’re done reconciling, hit the Finish Now button. If your ending balance doesn’t match what’s found in your account, you’ll get a “Hold on!” message.
Once you’re done reconciling, you can view a report of the reconciliation.
To view your previous reconciliations, you can go to the Reconciliation History.