Unreconciled entries

dobeluvr · ‎August 19, 2021

Hello - I have unreconciled entries going back several years which I think affect my register balance. Is that correct?

In some cases there was a duplicate entry which did get reconciled; in other cases I assume I did a balance adjustment.

My question is "can I delete all UNCRECONCILED ENTRIES from 1st quarter of 2021 and 2020 - 2019?

Thank you so much for your helpful advice. Won't let me attach a sample of my QB register.

BigRedConsulting · ‎August 19, 2021

Yes, all entries in your bank register impact the account balance.

If the transactions didn't happen, and were entered in error, then it's probably appropriate to delete or void them. However, doing this will change your financials for prior periods.

If they did happen, then they should be left in place and, if they actually did clear the bank, figure out how you reconciled. If there are inappropriate adjustments, entered because the transactions should have been reconciled but were not, then delete the adjustments and then preform a special reconciliation to mark the cleared transactions - that were not cleared before - as cleared in their place.

View solution in original post

BigRedConsulting · ‎August 19, 2021

Yes, all entries in your bank register impact the account balance.

If the transactions didn't happen, and were entered in error, then it's probably appropriate to delete or void them. However, doing this will change your financials for prior periods.

If they did happen, then they should be left in place and, if they actually did clear the bank, figure out how you reconciled. If there are inappropriate adjustments, entered because the transactions should have been reconciled but were not, then delete the adjustments and then preform a special reconciliation to mark the cleared transactions - that were not cleared before - as cleared in their place.

Rustler · ‎August 19, 2021

No you can not delete entries, it will change the balance as well as the income statement (P&L)

If you did a balance adjustment it will show in the balance adjustment account (chart of accounts) and on the P&L (an expense). A small amount will work but if it is fairly large you need to work things out, a balance adjustment account listed on your income tax filing is like holding up a sign saying " I have no idea how to do this" to the IRS.

Yes unreconciled entries means there is an outstanding check which lowers your bank balance, if your balance is negative that is an important issue

dobeluvr · ‎August 19, 2021

Thank you. I'll look at the balance adjustment account and try to figure this out. I do have a balance in my register but it's significantly lower than what my bank shows even when I include payments made that haven't cleared the bank yet.

dobeluvr · ‎August 19, 2021

Thank you. I have a lot to look at to figure this out but appreciate the help as to how to figure things out.

Topics

Training

Community

Resources

Unreconciled entries