Question

Which 2 statements are correct regarding reconciling a bank account in QuickBooks Online? (Select all that apply) You can only undo a bank reconciliation via a link in the Accountant Toolbox To successfully reconcile and run a reconciliation report you need to enter the Statement Ending Date and Ending Balance from the relevant bank statement Reconciliations must only be run at period end to estimate tax owed To see the Reconciliation report, select View report after you've successfully reconciled the account

Answer 1

Answer:

The correct statements are:

To successfully reconcile and run a reconciliation report you need to enter the Statement Ending Date and Ending Balance from the relevant bank statement

To see the Reconciliation report, select View report after you've successfully reconciled the account.

EXPLANATION:

The steps to reconciling a bank account using QuickBooks Online include:

1. Click on the Gear button, then on “Tools” and then “Reconcile.”

2. Click on the drop-down menu under “Accounts” and select the account you want to reconcile.

3. Enter the “Ending balance” and “Ending date” based on your bank statement information.

4. Match transactions to your bank statement and check them off one by one.

5. Apply filters so transactions are easier to find.

6. Keep going until the “Difference” field is zero and you see the Success! page.

7. Select "View Report" from the Report period drop-down arrow to view your reconciliation report.