Whenever a Quickbooks user is done with reconciling, a report for the same is automatically generated online for that particular session. This report is handy when you’re having any trouble reconciling the following month and when you’re meeting with an accountant. With the reconciling report, you summarise the year start and end balances and it lists the transactions cleared up with the ones left uncleared on reconciling. Before you know how to print a reconciliation summary in QuickBooks, you should know how it works.
Note: With QuickBooks online users get automatic new reconciliation reports even when they’re reconciling accounts for that month.
By a general reconciliation report, we mean a static report and it is about the two vital data of opening and end balances. At its core function, a reconciliation report is helpful in viewing the total transaction list cleared and the ones left for clearance it needs to be added while reconciling.
A few things are there that you consider about the reconciliation reports:
- When there was a modification in information within the company, the particular change won’t reflect on the summary. However, it should affect other components within the QuickBooks program.
- The balance on the summary represents all reconciled business transactions but other reports show the current account balance fetched from the posted transactions.
- The transactions with the status R are reconciled Transactions and they are listed within a bank or a credit card register.
Additionally to get reports and track your inventory and sales you would need to set up QuickBooks Point of Sale Network Configuration.
Printing QuickBooks Reconciliation Summary
A major issue of concern for users is how to print a reconciliation summary in a QuickBooks desktop. However, it is quite easy to print a reconciliation summary in QuickBooks. To do the same, you must follow the below-mentioned steps:
Visit the QuickBooks Dashboard
- Go to Press Reports
- Select Banking, present in the drop-down menu.
- Choose Previous Reconciliation
- Choose your preferences from new dialogue box
- Choose Reports and move the cursor to Banking
- Select Previous Reconciliation
- Select the account to get reconciled after selecting it from the drop-down account.
- For review, Tap Reconciliation Period from the section Statement Ending Date.
- Tap on Both or Detailed as the Report type.
- Choose the transaction types that you want to look at in the report.
Select the transactions that you wish to view on the report:
- Cleared Transactions at Reconciliation: It provides you with a snapshot of the account at reconciliation time.
- Cleared Transactions Plus and Changes Made to Those Transactions: It shows account transactions at the time and their current account locations.
After you’re done with it, you can select the option to run the report after you choose Display. Then, you can Click Print option at the top menu bar. Thus, Printing reconciliation reports isn’t a big deal on QuickBooks. You can Go ahead and you can take charge of all transactions that you must. Whenever you want to finish reconciling, a reconciliation report is generated automatically within that session. The reconciliation report is particularly useful when you’ve got trouble reconciling the following month’s end after you meet with your accountant.
The reconciliation report also summarises the following:
- Beginning and ending balances.
- Lists of the transactions were cleared and left uncleared after reconciling.
How To Run Past Reconciliation Report
With past reconciliation reports, you can easily point out necessary details that help you pinpoint any errors and discrepancies. After applying the below-mentioned steps users can run past reconciliation reports and review the summaries to check for any errors.
- Visit the Reports menu: Scroll to Banking and choose Previous Reconciliation.
- From the drop-down menu Account, choose the reconciled account.
- In the Statement Ending Date section, choose the reconciliation period that you wish to review.
- Choose Detailed or Both report types: We also suggest Detailed when you’re using a report for fixing reconciliation.
- Choose the transactions that you wish to see on the report:
- Transactions cleared at reconciliation time: This also shows the transactions in an account at reconciliation time.
- Transactions cleared with changes made to such transactions: It also shows transactions in an account at reconciliation time. It also shows currently they are in your accounts.
- Choose the Display options while you’re ready to run the report.
- Review the report for any issues or discrepancies. To avail more info and narrow in on certain details, you can also customize reports.
- You can also print a report or can export it as PDF or Excel.
Note: It is possible to get reports for the past 120 reconciliations in QuickBooks Desktop Premier, Enterprise, and Accountant.
However, the earlier Reconciliation Report shows only the recent reconciliation in QuickBooks Desktop Pro. It is recommended to save the reconciliation reports as PDFs or export them to Excel whenever you reconcile an account.
Viewing Reconciliation Report
- Visit the Business overview and choose Reports.
- Type Reconciliation Report in find report by name search bar.
- Choose Reconciliation Reports.
- Choose the reconciliation account report that you wish to view.
- From the Report Period dropdown arrow, select the Reconcile Period.
- Choose View Report.
Printing Reconciliation Report
QuickBooks offers two ways to print reconciliation reports, firstly through the automatic method.
- For printing, choose the Print icon in the report’s upper right.
- The process to export reconciliation report to Excel
The QuickBooks reconciliation report is among the few reports that you can export directly to excel. For manually exporting the data you can do the following:
- Highlight information on the report
- Right-click and copy the information
- Open the Excel file and straight-away click and paste the information
- Adjust column widths for excel report format for all information.
- Choose Save.
A Few Essential Things To Know About Reconciliation Reports
It is a static report. When information within the company changes, the change won’t reflect on the report, but it also affects all others in QuickBooks Online.
Report balance is the total balance of the reconciled transactions, while other reports also present balance depending on posted transactions (Note: Transactions are reported as posted the moment that you save them within QuickBooks Online.
Reconciled transactions are the ones with R status listed within the credit card register or the bank. Now you know the process to view and print a reconciliation summary in QuickBooks, and also export the reconciliation reports.
Is it possible to export reconciliation reports directly to excel?
The QuickBooks reconciliation report can’t be directly exported to Excel. Therefore you would need to manually execute the same. For this purpose, you need to be sure to align with the below-mentioned points:
- Highlight the specified report information.
- Right-click on highlighted information and also copy the same.
- After opening Excel, paste the information after you make right-click.
- According to your preference, you should adjust the column widths to get a better view of the information.
- Select Save.
How Can You View Reconciliation Reports in QuickBooks?
To view the reconciliation QuickBooks report, you must follow the laid down steps:
- Visit the Reports.
- Locate the Reconciliation Report
- Select Reconciliation Report.
- Select the account for which you want to see the Reconciliation Report.
- Choose the respective reconciliation period which is present under the reporting period drop-down.
- Hit the button View Report.
With only a few clicks it is possible to view and print previous years reconciliation reports in QuickBooks. It is possible to pull reports for the previous 120 reconciliations when you use versions like Accountant, Enterprise, and Premier. Thus the aforementioned process to print a reconciliation summary in QuickBooks makes it easy for you to view starting and end balances and also lists the transactions that were cleared and left uncleared on reconciling.