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Level 2

1st Reconciliation on a 3rd Party Payroll Account

Hello-- Just started with QBO, I imported my bank accounts, after reviewing all the transactions, my balance was way off.  The account that I am working with is a payroll checking account and I use ADP for my payroll.  I imported all the GL entries from ADP. Starting at the beginning, Jan 1, 2019, I began to reconcile the account, when I open the "reconcile", it was balanced.  The entries that I had reviewed were checked, and when I checked the ones that were not, my balance again became way off.  So, do I just hit the "finish now" button, delete the other transactions-- sounds scary-- or may be move onto February 2019 and see if that is any different?  The items imported and unchecked were: 

  • Individual direct deposit items showing as a "deposit", contra to a bulk JE for all direct deposits
  • I DD that was matched to a live check
  • Two live checks that have a contra deposit 
  • A wage garnishment contra deposit

Any thoughts? 

2 Comments
Level 2

1st Reconciliation on a 3rd Party Payroll Account

So I went through and reconciled each month to the bank statement, however I am still over $17k off with the uncleared transactions.  Mostly JE and I assume that they will have an impact on my expenses. Mostly checks or direct deposit payments to my employees that are reflected as a "deposit" in QBO.  Can I go back and review these uncleared transactions? 

QuickBooks Team

1st Reconciliation on a 3rd Party Payroll Account

Hi there, jonathan35. 

 

I appreciate that you've provided the detailed steps on the transactions that we'll reconcile. With reconciliation, we recommend reaching out to an accountant to help us through the process and for us not to mess up your books. 

 

Yes, we can go back and exit form the Reconcile page to review our transactions. Let's also ensure that our opening and ending balances are correct singe the ending balance of the previous month is the basis for the beginning balance of the previous reconciliation. 

 

We'll always have to refer to your bank statement when reconciling. Let's say if the transactions for the month of March. However, it got cleared for this month, so we'll have the option to reconcile it or not. 

 

You can refer to these articles for more detailed steps on reconciling an account in QuickBooks. 

Feel free to get back to me if you need anything else. Take care!

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