1. Reconciling all bank and credit card accounts
In Chapter 9, Reconciling Uploaded Bank and Credit Card Transactions, you learned how to reconcile your bank and credit card accounts. Loans and lines of credit should also be reconciled, and we will cover how to manage a business loan and/or a line of credit from your financial institution in Chapter 16, Handling Special Transactions in QuickBooks Online. It’s important for you to reconcile these accounts before closing the books so that you can ensure that all income and expenses for the period have been recorded in QuickBooks.
This will ensure that your financial statements are accurate and that you don’t miss out on any tax deductions.
