Gain a holistic understanding of Quickbooks, its key features and advantages, Quickbooks Reconciliation Reports, and the steps involved in viewing and exporting Quickbooks Reconciliation Reports.
It is crucial for organizations to match their accounts regularly to make sure that all the business transactions are in check.
Reconciliation reports help companies understand and track their expenses effectively. Quickbooks allows companies to generate accurate Quickbooks Reconciliation Reports with the ease of a few clicks.
Prerequisites
An understanding of the importance of compliance
Introduction to Quickbooks Reconciliation Report
- A Reconciliation Report is a type of document that points out the difference between various types of payments related to a particular task.
- It is an accounts-related report that shows whether the correct balances are recorded within their accounts.
- The Report helps in the audit process that gives validity to the company’s financial statements. Using Quickbooks, companies can reconcile their bank statements within minutes.
- Quickbooks automates the process of matching transaction details in bank statements and company accounts to ensure that all transactions are in check.
- Companies can connect their bank accounts, credit cards, PayPal accounts, and many more to let Quickbooks automatically generate Quickbooks Reconciliation Reports for each account.
Viewing & Exporting Quickbooks Reconciliation Reports
Quickbooks automatically generates a Quickbooks Reconciliation Report when companies finish their reconciliation process.
The report shows the beginning and ending balance for each connected account. This section will provide a walkthrough on how to View, Print, and Export reconciliation reports in Quickbooks.
A. How to View and Print Quickbooks Reconciliation Reports
Below are the steps to view the Quickbooks Reconciliation Reports:
- Step 1: Visit the Reports page in the Quickbooks account.
- Step 2: Type Reconciliation Report in the search bar.
- Step 3: Now select the “Reconciliation Report” option.
- Step 4: Then choose the account in which you want to view the Reconciliation Report.
- Step 5: Visit the “Report Period” drop-down section, and choose the reconcile period.
- Step 6: Lastly, select the “View” option to open the Quickbooks Reconciliation Report.
- Step 7: To print the report, click on the “Print” button present in the upper right corner of the Quickbooks Reconciliation Report.
B. How to Export Quickbooks Reconciliation Report to Excel
Quickbooks allows companies to directly export the Quickbooks Reconciliation Report to Excel, which helps them save a lot of time.
Below are steps to export Quickbooks Reconciliation Reports to Excel:
- Step 1: Select all the data from the Reconciliation Report.
- Step 2: Then, Copy the selected data.
- Step 3: Now, open a new Excel file.
- Step 4: Paste the copied data in the new Excel file.
- Step 5: Adjust the columns and rows according to the requirements.
- Step 6: Lastly, save the Excel sheet.
Introduction to Quickbooks
Quickbooks is an Accounting Application offered by a United States-based software developing company Intuit.
As it is a cloud-based software, enterprises do not need to install any specialized hardware at their workplace to use the application.
Key Features of Quickbooks
Quickbooks being the most widely used accounting and financial management software provides many features that help companies track their finances. Below mentioned are a few noteworthy features of Quickbooks.
1) Invoice Raising
Quickbooks makes invoice raising an effortless task for companies. The application allows companies to create professional invoices and send them to clients through various channels, including SMS and emails. Organizations get to choose from many pre-built templates provided by Quickbooks. The templates are entirely customizable that can be edited by companies according to the branding.
2) Expense Management
Quickbooks comes with a unified dashboard that displays all the critical data on a single screen to help companies better analyze their business performance. Companies can easily view vital information like total sales, total income, budget, expenses, tax segregation, and many more that enables them to seamlessly manage their expenses.
3) Payroll Management
Effective employee management is of prime importance for any organization for streamlining business operations. Quickbooks offers a Payroll Management feature that companies can use to perform various tasks like employee salary calculation, salary deductions, taxations, employee attendance marking, and many others.
4) Data Imports
Transition to Quickbooks is a quick and seamless experience as the software comes with out-of-the-box support for data imports from various third-party applications, including Gmail, Outlook, Microsoft Excel, Google, and many other popular platforms. The feature helps companies to save a lot of time as they need not manually re-enter data on Quickbooks.
Advantages of using Quickbooks
Quickbooks offers various industry-leading features and tools that make it stand apart from its competitors. Companies that use Quickbooks to manage their accounts will have certain advantages over the rest. Below mentioned are a few notable advantages of using Quickbooks.
1) Better Integrations
Quickbooks tops the list when it comes to integrations. Quickbooks runs an app store that features more than 600 third-party applications, both paid and free. All the available integrations can be used to further enhance the capabilities of the Quickbooks platform.
The wide range of integrations helps companies choose the product they require to carry out their operations and seamlessly couple them with Quickbooks. Some of the most popular Quickbooks integrations include Expensify, Gusto, PayPal, and many more.
2) Easy to Use
Quickbooks is a very user-friendly platform that comes with a minimalistic interface. Companies can save a lot of time in training new employees because of Quickbooks’ easy-to-use interface. Also, the seamless data transfer to QuickBooks makes it an ideal choice for companies of all scales. Quickbooks provides training over various modes to help users understand the functionalities of the platform in the best possible way.
Users can view online video tutorials and virtual orientation sessions to know how to use the platform at its full potential. In addition, Quickbooks operates several 24/7 customer care centers where users can reach out for any kind of product-related queries. Quickbooks quickly provides necessary assistance to its customers via voice call, email, chat, and video call.
3) Better Security
Quickbooks provides every safety feature to ensure that the data uploaded by companies are safe from any kind of fraudulent activity. Quickbooks is a VeriSign Secure Sockets Layer (SSL) certified product that offers best-in-class privacy protection for company data.
4) Better Tax Deductions
Quickbooks automatically segregates business transactions into proper tax categories, which, if done manually, would consume a lot of time and effort. Accurate tax categorization also helps in minimizing any chances of incorrect tax filings.
Conclusion
- Reconciling business accounts is a good practice for all companies as it helps them manage and track their accounts.
- The reconciliation process gets much simpler when companies use Quickbooks.
- The accounting application drastically reduces the company efforts that are needed to generate reconciliation reports.
- The simple report generating procedure and the ease of exporting them make Quickbooks an apt choice for companies.
Share your experience of working with Quickbooks Reconciliation Reports in the comment section below! We would love to hear your thoughts.
Dipayan is a technical content writing specialist with more than two years of experience. His experience comes from working with several B2B SaaS companies, which made him interested in data integration and analysis. His writing is insightful and tailored for technical and business audiences.
