Mini reconciliation is a procedure performed by QuickBooks users when they face any issues while reconciling. This procedure works as a helper for instant reconciliation. Also, when any entries are not made correctly or have been deleted, the mini reconciliation QuickBooks process needs to be executed. You can do so in QuickBooks and QuickBooks Desktop versions. The mini reconciliation process in the software requires the use of the Banking option. In QBDT, this can happen by making a journal entry and then rectifying the balance.
The need for performing a mini reconciliation in QuickBooks will be discussed in our blog. Also, we will be talking about the methods to accomplish the process in both QB and QBDT software.
What is Mini Reconciliation in QuickBooks?
When users reconcile an unreconciled transaction, it can be stated as a mini reconciliation. The unreconciled transactions are those which you have reconciled earlier but are now getting displayed as raw entries. Mini reconciliation in QuickBooks can also act as a rescue for doing an instant reconciliation.
Why Do You Need to Perform QuickBooks Mini Reconciliation?
Mini reconciliation in QB is needed when any previous entries recorded by you have been deleted. There can be more such situations in which you may execute the mini reconciliation QuickBooks procedure. They are listed as follows:
- The entries that you have reconciled may have been undone.
- The entries may have been converted from Mac to Windows.
- Data damage can take place. Due to this, you want to mini reconcile the software.
- An incorrect balance may have been filled in during the setup of the account.
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How to Do a Mini Reconciliation in QuickBooks?
A mini reconciliation process in QuickBooks can be executed with the help of the Banking tab. After you proceed to the Banking option, click on the Reconciliation button among the visible drop-down menu options. Choose the amount that you need to reconcile. A date may have to be entered to continue.
The other steps explaining how to do a mini reconciliation QuickBooks method are as follows:
- Visit “QuickBooks”.
- Press the tab that you can see for “Banking”.
- From the drop-down bar, tap on the “Reconciliation” tab. This will open a new window.
- Then select the account that is to be reconciled.
- In the “Date” field, mention a date.
Important: The date that you enter has to be between the earlier reconciliation date and the next date of reconciliation that is scheduled.
- In the field of “Ending Balance”, fill the reconciled amount of that period.
- Tap on the transactions that have been reconciled.
- The difference of the balance should always be “$0”. Ensure the same.
- Once the balance appears “$0”, pick “Reconcile Now”. It will match the transactions with the banking.
Procedure for Mini Reconciliation in QuickBooks Desktop
Mini reconciliation in QuickBooks Desktop can take place when you wish to fix any errors in the beginning balance. Start by going for the Make General Journal Entries button. Also, the date needs to be changed. From the Account drop-down, the amount is to be chosen afterward. Then, through Reconcile in Banking, you can complete this method.
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- First, you need to create a Journal entry. For this, run “QBDT”.
- Press the “Make General Journal Entries” tab.
- Then the date is to be changed to the date of the statement.
- Choose the amount from the drop-down menu of “Account”.
- In the column of “Debit”, mention the accurate “Opening Balance”.
- Tap on the “Opening Balance Equity” option.
- Hit “Save”.
Now, the mini reconciliation process will begin. Keep following the steps below:
- Go to “Banking”.
- Push the “Reconcile” button.
- In the “Account” drop-down bar, opt for the account.
- Fill in the “Ending Balance” and “Statement Balance” that match the journal entry.
- Pick “Continue”.
- Look for the section of “Deposits and Other Credits”.
- Opt for the journal entry that is corresponding to the section mentioned above.
- Click on the “Reconcile Now” tab.
A mini reconciliation process can be important for a user of QB. To fix the reconciliation-related issues, this process can be significantly beneficial. This reading defined the mini reconciliation QuickBooks procedure and also highlighted more about the need for performing the same. We also made you understand the method to execute the process in the QB Desktop software. It is believed that any reconciliation errors will now get fixed with the information of the procedure shared here.