Items for Review

Hi Shelly_K123, thanks for posting on the Community 

In the case that the payment details have already been correctly recorded against the invoice, you can go ahead and exclude the corresponding transaction(s) in the For review tab to prevent duplicates.

To exclude a transaction on a web browser: 

1. Go to Transactions and select Bank transactions.
2. Select the For Review tab.
3. Select the checkbox of the transactions to exclude.
4. Select Exclude.
 

The transaction moves to the Excluded tab of the Bank Transactions page. From here, you can select the transactions to Delete. 

In the future, you can use the Match function to link the downloaded bank transaction to an open invoice or invoice payment. Please note, that it's not possible to Match once the transaction has been reconciled. 

If a transaction has been recorded and reconciled incorrectly, you can instead learn how to undo or remove transactions from reconciliations. Hope this helps!

Thank you, I have tried this.  The item disappears from the review list but it does not change the balance in quickbooks so my bank account balance & quickbooks balance still won't match. 

Hello Shelly, if you exclude a transaction in the for-review page it will not impact the bank account balance. In this case the exclude was being suggested as you mentioned the transaction was already recorded.

In terms of the balance not matching. If you go to the chart of account for the bank account and account history, at what point did it not match, is this recent? Has the reconcile tool been used by the previous user (settings cog in top right>reconcile will tell you date reconciled until)?

Unfortunately, the software hasn't been used properly for a couple of years.  When monies have come in they have been received against an invoice manually instead of being matched.  That's why I have so many items for review.  I have cleared some by identifying the original invoice, voiding the payment received & then matching the credit against the invoice.  There are many transactions that I can't identify as the description is generic and as the invoices have had credits applied manually, the invoices are not outstanding.

I want to try and get the quickbooks balance & the bank account balance to match before the new financial year so that I can use it to calculate VAT and provide our Accountant with correct information for the next financial year.  I just don't know how I can get rid of all of the items for review.

Thank you

I've just checked & the bank account wasn't linked for the first 2 years of quickbooks usage.  Also, there has never been a bank reconciliation done 

Hello Shelly_k123, thanks for posting on the Community page, so it would be a case of doing an opening balance and a reconcile to resolve this. It may be time-consuming but unless you can pinpoint where the balance went out of sync, then the reconcile is the best option. If the exclude in the for review the transactions already added that only fixes part of the problem for you. 

Hi, thank you for your message.  The business used quickbooks for 18 months before adding the bank account so i have c£320K income in quickbooks more than the bank account.  I have started doing bank reconciliations in small batches but it is not having an impact on the balance in quickbooks.  If I reconcile the whole thing will it bring the balances in line?  sorry to be thick, i don't want to make more of a mess than there already is.  thank you 

Hello there, Shelly.

I understand that the QuickBooks data not matching the bank statements has been causing difficulties for you. Let me explain the differences between the two.

The QuickBooks balance includes all bank transactions added or matched in QuickBooks, while the bank balance reflects your bank's actual balance from the last bank feed update.

Here are the possible causes and how to fix them:

• Outstanding transactions - You can resolve this by sorting out your QuickBooks bank register by date and comparing it with your bank statement.
•  New transactions for a connected account - You must add or match all transactions.
• Credit card (liability) account - Compare your credit card statement with the QuickBooks balance. Verify if the Balance column is showing a positive amount.
• Duplicate transactions - The system automatically matches duplicate transactions, but if it can't find similarities, you can manually match them.
• Edited or deleted transactions - You can run the Audit log to verify the details of the edited or deleted transactions.

I also suggest seeking guidance from your accountant to help fix the difference between your income and expenses. They can assist you in correcting the prior year's transaction accounting and have the necessary process for your equity account.

See this article to review your balances to match what's on your bank statement: Fix issues for accounts you've reconciled in the past.

Once everything's settled, check out this reference to learn about year-end information: A year-end guide for QuickBooks Online.

Additionally, I encourage reconciling your accounts monthly to manage income and expenses. For a step-by-step guide, refer to this article: Reconcile an account.

Let me know if you need more help managing bank transactions in QuickBooks. I'm always here to help. Take care.