I have a company who started QB online at end of 2017 I have 1 statement for October 2017 and but balance doesn't match starting balance. I have all of the statements for 2018. Can I reconcile just October 2017 and just start just continue with January 2018 statement? Do I need him to check on getting November and December 2017 statements. He is unsure bank will have them for him soon. Do I just start with January 2018? How do you recommend I proceed
Allow me to share some insights about reconciliation in QuickBooks Online.
To answer your questions, yes, you can reconcile your account for the month of October 2017 and proceed to January 2018. However, if you ever get the bank statements for the remaining month of 2017 (November & December), you will need to undo your reconciliation for 2018 to reconcile for the previous year.
At the end of the year, and when you prepare your taxes, you'll want to have the most up-to-date and correct information in your financial reports. Reconciling can help ensure that.
To ensure that your accounts are updated and accurate, it is important to reconcile bank accounts and credit cards on a regular basis, specifically every month-end and year-end.
I've got some articles that you may find helpful:
Keep me posted if you have any other questions about reconciliation in QuickBooks Online. I'm here to help.
Thank you so much for answering this question for me. He just never had anyone do his books for him so I am cleaning up and taking over. If I don't reconcile November and December 2017 will it cause any issues with banking or other bookkeeping aspects? I will go a head with the October and let me know what issue(s) you could for see impacting QB if I skipped the November and December 2017 if he is unable to obtain those statement copies. Just want to be prepared as I am new to QB as I used a different accounting package in my previous medical practice.
Hi there, Anita,
Allow me to step in for a moment and share with you the best practices of reconciliation in the program.
I'd recommend reconciling your account on a monthly basis. Skipping a month of reconciliation may cause discrepancies.
Since your client is missing November and December 2017 statements, you can have him request a re-issuance of statements from his bank.
Once the statements are ready, you can start from October 2017 and reconcile it every month up to the most recent statement. By doing so, this will ensure that your financial reports are correct when preparing your taxes.
The information above will get you prepared about reconciling your client's account, Anita.
Please drop me a line below if there's anything else you need. Thanks for being the best part of QuickBooks Online.