Question: I reconcile my bank account by hand. Do I need to do it in QuickBooks, too?
Answer: QuickBooks does have a reconcile function on all its products. It lists all the items that you posted as bank items, and then asks you to compare these to your actual bank statements.
The QB Reconcile function is intended to catch and correct errors like incorrect amounts, omitted items, double-entered items and so on. Every item on the bank statement is to be checked as reconciled in your QB bank register.
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Harriet Gatter, owner of Accounting Support LLC, was an ad specialty distributor for 23 years and an adjunct professor of accounting at Neumann University. She sold her ad specialty business in 2012, became certified as a QuickBooks ProAdvisor, and now works exclusively with ad specialty distributors nationwide on their QuickBooks, order management and accounting needs.