Reconciling bank statements in QuickBooks helps to ensure the accuracy of your financial records by connecting your accounts and importing transactions automatically. It organizes your data and makes it easy to check off matching transactions and verify that the totals match. This helps to resolve discrepancies and keep your financial data accurate and up-to-date. Example: (Real life Situation happened During may task) During the bank reconciliation process, I noticed that a $100 deposit that I recorded in my accounting records is not listed on my bank statement.

Resolution: There could be several reasons why this deposit is not appearing on my bank statement. It could be that the deposit has not yet been processed by the bank, or that there was an error in the deposit amount that I recorded. To resolve this issue, I would try the following steps: Contact the bank to confirm that the deposit was received and is in the process of being processed. Double-check the deposit amount that I recorded in my accounting records to make sure there were no errors. If the bank confirms that the deposit was received and the amount recorded in my records is correct, I would add the missing deposit to my bank reconciliation in QuickBooks. This would allow me to properly match the deposit with the bank statement and ensure that my financial records are accurate. If the bank is unable to locate the missing deposit or the recorded amount is incorrect, I would need to make necessary adjustments to my accounting records to reflect the correct information.