In order for the reconciliation process to work efficiently with the rest of QuickBooks Online (QBO), it has recently been revised. The new design was developed to include enhancements QBO users requested and should make the reconciliation process quicker and easier.
The most noticeable change is the look of the reconciliation window itself. Prior to the change, the reconciliation screen contained two windows: payments on the left, deposits on the right. The window is now combined to show all transactions occurring in the reconciliation period. You can click on one of the tabs and have your transactions organized by Payments, Deposits or All. (See image below.)
Transactions can be filtered by a multitude of characteristics that include:
- Transaction status (all, cleared, not cleared)
- Transaction type (all, bill, bill payment, cc bill payment, cash, expense)
- Payee
- Date range
By clicking on the funnel located on the left side of the reconciliation window, you can also filter transactions by searching on memo, reference number (check number or ACH or EFT), check amount, or amounts that are less than or greater than a particular amount.
In the event that you need to edit a transaction while in the reconciliation window, click on that particular transaction. An edit window will appear. There you can make any necessary changes. Be sure to save the transaction before leaving the page.
To customize the reconciliation window, click on the gear located on the right side of the window. A smaller window will appear which will allow you to check or uncheck columns that you want to see during your reconciliation.
Remember, the reconciliation process is not for checking or savings accounts alone. You should also reconcile your credit card accounts using this process.
