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Hello, Ted. To correct the interest amount, you'll need to undo the reconciliation for that month, update it with the right value, and then redo the process. This ensures your account balances are accurate.
If you currently work with an accountant who uses QuickBooks Online Accountant (QBOA), they can undo the entire month's reconciliation on your behalf. This way, you won’t need to manually edit each transaction in the register.
If you don’t have an accountant and prefer to handle the reconciliation process yourself, you’ll need to manually unreconcile each transaction for that month. To do that, here's how:
- From the Accounting menu, select Chart of accounts.
- Find the account you want to manually unreconcile and choose View register.
- Filter all the transactions for that specific month by selecting the Funnel icon.
- Locate and select a transaction in the list. If it was reconciled, you’ll see an “R” in the tick ✔ column.
- In the tick ✔ column, select the box with the “R” until the box is blank.
- Click Save, then Yes to confirm. Repeat the process as necessary.
Once you’ve unreconciled all the entries for the month and fixed the interest amount, redo the reconciliation to ensure everything is corrected.
On the other hand, if you still wish to proceed with the journal entry, we recommend consulting your accountant for assistance and personalized guidance on selecting the approach that best aligns with your business needs.
Also, enhance your QuickBooks experience by partnering with our QuickBooks Live Expert Assisted team. With their expertise, you can simplify processes, boost productivity, and receive personalized guidance tailored to your business’s specific requirements.
If you have any additional questions or need further assistance, feel free to reply to this thread.
