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ZDNET's key takeaways
QuickBooks hides reconciliation undo features from normal users.
Reversing old reconciliations requires undoing them in sequence.
Switching into Accountant mode unlocks the secret "Undo" option.
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Regardless of the size of your company, one of the most important accounting tasks you can do is a regular reconciliation. This is essentially company-speak for balancing your checkbook.
When you reconcile, you compare the records in your own bookkeeping system with the records from a bank or credit card. Essentially, you're going down a list item by item, and making sure there are no missing, duplicate, or extraneous items. This helps you keep your records on track, identify any incorrect charges, and make sure that you know exactly where you stand.
Using QuickBooks Online, the process of reconciliation is fairly simple, if a bit tedious. The process of reversing a reconciliation to correct an error is not quite as easy.
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