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I have a client who uses QBO as a "dumping ground" for all his business & personal numbers. For 10 years, data has been entered into QBO but nothing ever reconciled. I do his business bookkeeping on another software but I use QBO to "cross reference" transactions and get info about invoices & payments.
I'd like to start doing the bookkeeping in QBO and suggested a clean up.
I 'd like to inactivate all the personal stuff & accounts.
But for the reconciliation, can I choose a date (say the first day of this fiscal year) and start reconciling from that day on and forget about all the years earlier? I have the opening balance of the accounts from the other software.
Should I even attempt this big mess or recommend that the client start fresh with a new company in QBO?
You can close the book and only reconcile the current fiscal year.
Thanks for your reply. If I close the books then all the unreconciled bank account balances will come forward, no?
Hi jen3456,
Welcome to Community! I can see how overwhelming, cleaning up the books can be. QuickBooks Online enables you to complete your goals seamlessly. I'd be glad to assist!
Making accounts inactive is a great way to keep your chart of accounts organized. The associated transactions will remain, and you will have the option to make the account active again, as you see necessary. In addition, you can enter an opening balance for a specific starting point, based on your real-life bank accounts. Here's a helpful guide for your reference. After you've reconciled the accounts, you can close the books to prevent changes to the transactions and avoid reconciliation discrepancies.
Should you require additional assistance, please don't hesitate to contact us outside of Community. It would be our pleasure to work with you in real-time, and ensure you're able to accomplish your QuickBooks goals as soon as possible!
Schedule a Callback or start a Chat: click (?) Help in the upper right in QuickBooks Online > enter "Contact support" > hit Contact Us > provide a brief summary of your situation > hit Let's Talk > choose Get a callback or Start a Chat.
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