Page 2 of the reconciliation page shows the financial activity that will be captured on the Reconciliation:

  • Income, Expenses, Payments, Accounts Receivable, Sales Tax and Balance Sheet activity

Income Summary

  • Income is recognized when an order is completed or when a completed order is voided.
  • In these instances revenue will be recognized in the appropriate income accounts. Each income account that has revenue will be shown along with the amount. 
  • If you click the Income Summary link the details window will open.

Expense Summary

  • Bad Debt: the total of Bad Debts payments
  • In-Store Credit: Total of manual additions or reductions of in-store credit.

Payments Received

  • The total amount of payments entered is displayed for each payment type.
  • Cash, Check, EFT, Credit Cards, Other and Refunds reflect the amounts that affect your bank account.
  • Refunds, regardless of payment type, will be shown on the refunds row. 
  • In-Store Credit shows payments made toward invoices using available In-Store Credit. This amount should not affect your bank account.

Balance Sheet Information

The balance sheet section provides a snapshot of your Asset and Liability values. There are two columns:

  • Change: The change in value between Previous Reconciliation Date and This Reconciliation Date. 
  • Current: The current value as of This Reconciliation Date


  • Undeposited Funds:  The value that will reflect in your bank account. The value matches SubTotal in the Payments Received section.
  • Accounts Receivables:  The amount your customers owe you.
  • Orders in WIP:  The total of orders with a WIP order status, not including sales tax.
  • Order in Built:  The total of orders with a BUILT order status, not including sales tax.


  • In-Store Credit:  The amount of credit that your customers have with your company.
  • Deposits:  The amount of payments made toward an order that has not yet been completed. When an order is completed the liability is reduced.
  • Orders Not Complete:  The total of orders with a WIP or BUILT status, not including sales tax, that the company has committed to produce. 
  • Sales Tax:  The change for this reconciliation period. Generated when an order is completed or when a completed order is voided.

Next Steps:

Completing the Reconciliation

Understanding Account Naming and Structure in QuickBooks