Quickbooks Reconciliation Report: Easy Steps to View & Export 101

on Accounting Software, QuickBooks, Quickbooks Reconciliation Report, Tutorials • November 26th, 2021 • Write for Hevo

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. 

In this article, you will gain information about Quickbooks Reconciliation Reports. You will also 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. Read along to find out in-depth information about Quickbooks Reconciliation Reports.

Table of Contents

Prerequisites

An understanding of the importance of compliance

Introduction to Quickbooks

Quickbooks Reconciliation Report - Quickbooks logo
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Quickbooks is an Accounting Application offered by a United States-based software developing company Intuit. It is the world’s most popular accounting and bookkeeping software that companies of all scales use across the globe. The application comes with multiple tools and features that cater to every finance and accounting need of organizations and individual business owners. 

As it is a cloud-based software, enterprises do not need to install any specialized hardware at their workplace to use the application. All the uploaded company data gets stored in highly secure cloud servers. Apart from core accounting tasks, Quickbooks offers features to optimize and streamline various other business operations, including payroll. It is a Software as a Service application that is used by companies operating in multiple industries, including retail, manufacturing, non-profit, construction, and many more. 

Companies can track transactions of various bank accounts using Quickbooks. Once the bank accounts get linked, Quickbooks automatically downloads transaction history and organizes them in proper categories that help companies save a lot of productive time and effort. The application comes with a very intuitive and user-friendly interface that allows individuals with no prior accounting knowledge to operate Quickbooks efficiently. Indian companies can also use Quickbooks for their accounting needs as the application is compliant with GST norms and regulations. 

Quickbooks also allows organizations to track their sales status using features like inventory tracking, sales reporting, customer information management, and many others. Quickbooks provides a smartphone application compatible with both Android and iOS that allows users to monitor their finances from anywhere in the world. The mobile application exponentially increases the accessibility of Quickbooks. 

The company was founded by Scott Cook and Tom Proulx in 1983 and has its headquarters in Tucson, Arizona. According to the company, over $4 million companies spread across the world use Quickbooks to manage their finances effectively. Till date, Quickbooks has acquired two companies, namely Bankstream and OneSaaS. 

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 Reconciliation Report -Invoice Raising
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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. 

Quickbooks comes with an option that lets users attach payment gateway links directly in invoices that helps in accelerating the payment collection process. This feature also provides a better experience to clients as they do not need to contact organizations to make payments. 

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. 

Quickbooks allows users to click pictures of receipts using its smartphone application. The software automatically matches them with existing transactions that help save a lot of time and effort of employees. 

3) Payroll Management 

Quickbooks Reconciliation Report - Payroll Management
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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. 

However, this is an add-on feature, which means companies opting for this are required to pay an additional monthly charge apart from the base subscription. 

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. 

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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. Companies use Reconciliation Reports to ensure that all their accounts and transactions are in proper order. It is mandatory for organizations to submit an annual report that summarizes all the transactions done in a year. 

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. 

Quickbooks provides a feature that shows a list of transactions that were cleared and not cleared during the Reconciliation process. Companies can use many kinds of Reports in QuickBooks like Reconciliation Discrepancy Report, the Missing Checks Report, and the Transaction Detail Report to check for any discrepancies in their transactions.  

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

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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. 

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. 

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