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hillm0878
December 22, 2020
Question

Reconciled reports not matching

  • December 22, 2020
  • 1 reply
  • 1 view

Hi, I have started with a company that is pretty new and their quickbook accounts are a complete mess. I am trying to reconcile all the way back until October of last year when the company started. I have downloaded all the bank statements and matched up the best I could. However there are multiple cash payments that were made towards the beginning of the year that were never deposited into the bank therefore they don't show up on the bank statements. October of last year through May of this year have all ready been reconciled and there are still many transactions without checkmarks from those months that appear when I try and reconcile going forward. Is there a way to reconcile these without voiding them or matching them? I am familiar with quickbooks however I am not familiar with the accounting and book keeping aspect of it. Thanks.

1 reply

MaryLandT
MaryLandT
Level 10
December 22, 2020

I'm here to help ensure your reconciled reports are accurate, hillm0878.

 

You can start by making sure all payments are deposited to the correct bank accounts. It's for you to easily match transactions. If not, you need to void them so they won't keep showing up in QuickBooks.

 

The best process to have the right dates and transactions on your bank is to compare your statement with what's in QuickBooks. Doing this will make sure your accounts are balanced and accurate.

 

When all good, you can start reconciling your bank. Let me show you how:

 

  1. Start with the first transaction on your statement.
  2. Find the same transaction in the Reconciliation window in QuickBooks.
  3. Compare the two transactions.
  4. If they match, put a checkmark next to the amount in QuickBooks.
  5. If a transaction doesn't appear on your statement but you see it in QuickBooks, don't put a checkmark.
  6. Compare each transaction on your statement with what's in QuickBooks.
  7. When you reach the end, the difference between your statement and QuickBooks should be $0.00.
  8. Click Finish now.
  9. If the difference isn't $0.00, here's how to review and fix it.

You can also refer to this article for additional information: Reconcile an account in QuickBooks Online.

 

Stay in touch with me if you have follow-up questions by commenting below. Just tag my name, and I'll get back to you.

H
hillm0878Author
December 23, 2020

Thank you MaryLandT, the problem is though that in the past there were payments made with cash and that cash was never deposited into the checking account. This is something that has since been dealt with and going forward all cash will be deposited to match the QuickBooks. However those transactions are just sitting there not matched to anything. The past months have been reconciled already with those just sitting there and I need to know how to get them off. 

JasroV
JasroV
Level 8
December 23, 2020

Thanks for the prompt reply and for sharing additional details, @hillm0878.

 

I can imagine the situation you’re in right now. I myself would want to ensure that my book is properly recorded. Rest assured I’m here to help and share some insights on how to get around this issue.

 

What we can do is to undo the reconciliation and delete those transactions since they are not in your bank statement. Let me guide you how:

 

  1. Go to the Accounting menu.
  2. Select Chart of Accounts.
  3. Find the account holding the transaction. Then select View register. 
  4. Select the transaction you want to unreconcile to expand the view.
  5. Review the check column. If the transaction is reconciled, you’ll see an R.  
  6. Select the checkbox. This changes the letter in the box. Keep selecting it until the box is blank to remove the transaction from the reconciliation.
  7. Select Save.
  8. Then close register when done.

You can also see this article for more details about this process: Undo or remove transactions from reconciliations in QuickBooks Online.

 

Then, locate those transactions and delete them.  I'd also  recommend reaching out to your accountant for further guidance. This way, we'll ensure your accounts are well accounted for after making these changes.  

 

If they have a QuickBooks Accountant account, they can add you to their clients' list and undo the reconciliation easily with their tools. If they don't have one, you can invite them to your account. If you’re not affiliated with one, you can visit our ProAdvisor page and we’ll help you find one from there.

 

Once everything looks good, you and your accountant are ready to redo the reconciliation.

 

Let me know if there's anything else I can help in managing your accounts. I'll be more than happy to work with you again. Have a great day and take care!

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