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A Brief Overview: Monthly QuickBooks Online Tasks

Updated: Jun 10

We are often asked for a basic overview of what business-owners should be doing in QuickBooks each month, so here it is! Once your Chart of Accounts is set-up, bookkeeping can be fantastically simple if done at least monthly. Take a look at the 6 basic steps to reconcile your accounts in QuickBooks Online:

Step 1) Download your bank statements for each of your accounts.

Save these for use in the following steps, as well as for record-keeping.

Step 2) Import Bank Transactions into the QuickBooks Bank Feed.

Make sure the bank feed is updated so all transactions are included.

Step 3) Categorize the bank transactions - Consistency is Key!

Match each transaction to the appropriate Account and enter the Payee. Make sure checks reflect the actual payment date rather than the deposit. As much as possible, limit the creation of new categories as this affects the chart of accounts your tax preparer will use. Make sure payments are matched to client invoices if applicable.

Step 4) Perform a Statement Reconciliation.

Use the statements you downloaded to reconcile each account. You'll want to ensure that all of the deposits and payments recorded on the statement are reflected in QuickBooks. There should be a $0.00 difference to complete the reconciliation.

Step 5) Review the Profit and Loss Report.

Get a concrete picture of where your money is coming from and going to each month.

Step 6) Sigh of Relief!

Your books are straight, giving you a clear head and peace of mind!

Need help with this?

We support business owners from pre-revenue through 8-figures in gross annual revenue. You choose whether we collaborate via year-round partnerships or project-based consulting. 

About the Authors

Sonder Accounting was founded in 2016 by Kara Janowsky to serve the financial maagement needs of the nascent cannabis industry. Our small and specialized team has partnered with over 250 businesses in similar industries to build functional financials that drive business growth:

Learn more about how we work with companies like yours:

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