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Level 3

Reconciliation issue after closing of books 2019/20 financial year.

I would like to know how to reconcile books once they are closed of for financial year.

 

My bank statements close of month is 27th of the month.  I had a transaction which was made on the 28th June 20, which did not show up on until July statement.  What has happens, as the books were closed off for the financial year, I went to reconcile my bank accounts, and could not all due to the payment for the 28th June not appear until my July statement.  What would be best approach to correct this.    Yes I have fallen behind in my monthly reconciliations which is poor business practice.  Any advise would be appreciated.

1 Comment
Moderator

Reconciliation issue after closing of books 2019/20 financial year.

Hi Trevor,

 

Ideally you would have reconciled your books up to the end of the financial year before closing them. However since you've closed the books first, I recommend disabling the the Close the books option in Accounts and Settings, then doing your reconciliation, and then re-enabling Close the books.

 

To view the Close the books setting:

  1. Select the Gear Icon on the top-right corner of QuickBooks.
  2. Select Accounts and Settings
  3. Navigate to Advanced, then select the pencil icon in the Accounting section
  4. Turn off the Close the books toggle
  5. Once reconciled, navigate back to Close the books and toggle it back on

Hope this helps!

 

Bonny