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How do I start reconciling my checking account after years of not reconciling?

In the past the entries were checked off but the checking account was never actually reconciled.  How do I start reconciling the account according to my banking statements?

Best answer 12-10-2018 07:18 PM

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Established Community Backer ***

Sounds like someone was reconciling it manually without u...

Sounds like someone was reconciling it manually without using the QB function - thats OK.

Suggest you simply take a prior bank statement (in the current fiscal year) and try to reconcile it. Start the reconciliation function normally: enter the closing date and bank balance. On the detail screen first "unmark all", then set the checkbox to "hide transactions after the statement date", then "MarkAll".

If your lucky this will simply balance.  If not then take the next subsequent bank statements and manually find any entries which were cleared in the subsequent periods (or that you know are still outstanding) and uncheck them.  If the prior records were 100% then it will balance now.  

If not you can now see how far out the prior records are - this has to dealt with regardless of if you reconcile the account or not because you have a incorrect cash balance.  Now the hard part is to either figure out whats wrong and how to correct it - or decide how to plug it. 

1 Comment
Established Community Backer ***

Sounds like someone was reconciling it manually without u...

Sounds like someone was reconciling it manually without using the QB function - thats OK.

Suggest you simply take a prior bank statement (in the current fiscal year) and try to reconcile it. Start the reconciliation function normally: enter the closing date and bank balance. On the detail screen first "unmark all", then set the checkbox to "hide transactions after the statement date", then "MarkAll".

If your lucky this will simply balance.  If not then take the next subsequent bank statements and manually find any entries which were cleared in the subsequent periods (or that you know are still outstanding) and uncheck them.  If the prior records were 100% then it will balance now.  

If not you can now see how far out the prior records are - this has to dealt with regardless of if you reconcile the account or not because you have a incorrect cash balance.  Now the hard part is to either figure out whats wrong and how to correct it - or decide how to plug it.