Reconciling your bank accounts is a critical accounting task and should be carried out every month. However, if you find bank reconciliation frustrating or time-consuming, QuickBooks online accounting software could be the perfect solution. It’s fast, user-friendly and will save you money in the long run. And, if you need a hand setting up and using QuickBooks’ bank reconciliation feature, Flow’s team of cloud accountancy experts are here to help too.
When you deposit money, incur bank charges, withdraw money or even write a cheque, all of these transactions should be recorded. QuickBooks is an excellent way to do this, but it goes one step further. It can also match everything in your QuickBooks records against your bank account records through reconciliation. Performing this task improves the integrity of your financial records, and it’s also a safety net for anything you or your team may have forgotten too.
The benefits of QuickBooks’ bank reconciliation feature
Over time, QuickBooks’ bank reconciliation feature gradually becomes accustomed to your business’s finances. As a result, QuickBooks can recognise future transactions and save you time and effort in the long run.
Also, the QuickBooks bank reconciliation feature:
- Syncs automatically with one – or multiple bank accounts
- Automatically takes your entries and sorts them into categories for convenience
- Offers you the opportunity to hide any transactions that aren’t fully completed
- Disregards any transactions that have not cleared the bank
- Matches transactions to your bank statement transactions
When it comes to filing taxes, the transactions you have made will already be categorised, making reconciliation much simpler.
How to connect to your bank
Numerous banks can connect to QuickBooks without any issue whatsoever, as the feature is capable of managing multiple bank and credit card accounts. Each account accessed within QuickBooks will remain separate, eliminating the possibility that one account will interfere with another. Some of the banks and services you can access with QuickBooks include:
Barclays, including the “Clearlybusiness” features – This set of innovative products are designed to assist businesses in managing their finances.
HSBC – Business accounts are only supported for online banking through WebConnect, meaning that the best option for setting up online banking with HSBC is through using the QuickBooks product.
NatWest – NatWest appreciates the benefits of simple banking and champions QuickBooks as the ideal way to enhance online banking and keep businesses in control.
Setting up a bank account with QuickBooks can be simple, but the listed institutions available aren’t always supported. Consequently, you’ll have to log on and make a selection to see whether an automatic connection occurs. However, if certain banks aren’t listed, you can still upload financial statements and bank data, making QuickBooks a comprehensive option for online banking.
Maximising QuickBooks with Flow
Are you struggling to connect with your banks? Are you unsure how to reconcile your records? Look no further than Flow. Many experts agree that reconciling accounts is one of the most frustrating and laborious tasks for small business owners, which is why it can be so useful to have a professional team of cloud accountants in your corner.
For businesses that want to get the most out of their QuickBooks experience, we can help setup of reconciliation features. Every business is different, which is why we approach every account on a case-by-case basis. Our professional team of cloud accountants will customise the setup based on your requirements and goals. The Flow team will deliver complete and comprehensive training for your new online system. Plus, your account manager is available to answer your questions and offer assistance at every step along the way.