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Reconcile an account that hasnt been done in over a year

Im trying to reconcile a credit card account for someone that hasnt been done for almost 2 years.  Theres no way to do 2 years worth of reconciliations.  Is there a way to start "fresh" with this month or last month and change the beginning balance/date, etc? Hellllp please.

Best answer 03-19-2019 01:04 PM

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Established Community Backer ***

Re: Reconcile an account that hasnt been done in over a year


@mermaidgurl wrote:

.  Theres no way to do 2 years worth of reconciliations.  .


Of course there is. It's called using the most recent statement from the credit card company that you trust and can hang your hat on Maybe December 2018 statement, maybe last September to give yourself a running start.  All you need is a statement date and a matching statement balance. Do have the next statement handy for reference. Start the reconciliation, hide all transactions after statement date, select all.  You might be surprised, but I doubt it. Anyone that has not reconciled a credit card account has not added monthly interest charges even if they entered all charges and payments correctly. 

 

I will NOT tell you to finish it with a reconciliation discrepancy posted to who knows where (that's a QB option), but whatever the difference is is the total of the items you need to find.

 

Last year I reconciled a checking account that had not been reconciled in 6 years. DO NOT say it cannot be done. My client, fortunately made certain every month that the balances were correct - basically they reconciled outside of QB. Ended up with a couple of uncashed checks to deal with but that was the extent of it

3 Comments
Established Community Backer ***

Re: Reconcile an account that hasnt been done in over a year


@mermaidgurl wrote:

.  Theres no way to do 2 years worth of reconciliations.  .


Of course there is. It's called using the most recent statement from the credit card company that you trust and can hang your hat on Maybe December 2018 statement, maybe last September to give yourself a running start.  All you need is a statement date and a matching statement balance. Do have the next statement handy for reference. Start the reconciliation, hide all transactions after statement date, select all.  You might be surprised, but I doubt it. Anyone that has not reconciled a credit card account has not added monthly interest charges even if they entered all charges and payments correctly. 

 

I will NOT tell you to finish it with a reconciliation discrepancy posted to who knows where (that's a QB option), but whatever the difference is is the total of the items you need to find.

 

Last year I reconciled a checking account that had not been reconciled in 6 years. DO NOT say it cannot be done. My client, fortunately made certain every month that the balances were correct - basically they reconciled outside of QB. Ended up with a couple of uncashed checks to deal with but that was the extent of it

Super Explorer *

Re: Reconcile an account that hasnt been done in over a year

Thank you! Because it has been done in the past how do i change the beginning balance? Or is that part of the rec discreprancy? lol

Established Community Backer ***

Re: Reconcile an account that hasnt been done in over a year

And there is nothing that says you have to reconcile any account only one month at a time.  Some accounts with minimal activity I reconcile just once or twice per year