What do you need before starting the reconciliation process?

Before starting the reconciliation process, it is essential to have both the beginning and ending balances of the account you are reconciling. The beginning balance is the amount that was reported in the last reconciliation period, and the ending balance is what is shown on the bank statement for the period you're reconciling. Having these two figures allows for a clear comparison between the transactions recorded in QuickBooks and those reported by the bank, helping to identify discrepancies.

This reconciliation process ensures that the financial records are accurate by matching the transactions in QuickBooks with the bank statement. It helps you to find missing payments or deposits and any potential errors. Without these balance figures, it becomes challenging to determine the accuracy of your records or the overall financial standing of the account during the reconciliation.