Accounts never reconciled--how to handle?

TomL1 · ‎July 07, 2020

I've got a company credit card and a line of credit, both of which are rarely used and quickly paid off. Currently, they have balances of zero. However, my QB shows over-payments on each. Instead of going back through years of statements, can I just "force" the reconciliation, and live with the Journal entry? Obviously, I'm not much of a bookkeeper. How do I fix this? I have no when/where the errors began.

The checking account from which all payments to these accounts have been made IS balanced, and reconciled monthly, without fail.

Thanks!

john-pero · ‎July 07, 2020

I am rarely a fan of forced reconciliation, even when it is less than a dollar. I know, there's a word for this disease. Lol.

Somewhere along the line, either extra payments were posted or charges missed. To zero out the negative balances will be by journal entry or charge additional expenses. If you do not wish to take advantage of additional expenses you can chalk it up to owner equity which allows you to balance the accounts to zero without the proof of the expense, which might be necessary in an audit. Your choice.

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Accounts never reconciled--how to handle?

Accounts never reconciled--how to handle?

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