I reconciled my last month(12/2021) to where my difference was 0.
My being balance and ending balance matches my statement to start a new reconciliation for Jan.2022.
I simply put in the ending balance and end of month date(01/31). And then proceeded to the reconciliation next page.
When I went to start the reconciliation I noticed on top in the equation summary I already had 34 payments and a number of $34,355.98. I didn't start physically checking anything and nothing for Jan2022 has a checkmark next to it.
I noticed in the equation summary that deposit were 0 and then as I clicked a checkmark for my deposits then the number started to increase and eventually became balanced and matched with my bank statement.
My question is: Is it normal to start a new month reconciliation with the payments and/or deposits having a balance already(before anything has been clicked as a checkmark). And if so where does that number come from.
Highlighted in red below is where when I started I saw 34 payments of $34,355.98 and 0 for deposits.
Thanks for reaching out in the Community for assistance, @Jlmar141. I’m here to help and share information on why you’ve got these numbers on your new month reconciliation.
When you process payments on QuickBooks Payments or Merchants Services, your transactions are automatically categorized in your chart of accounts. This means your books are automatically updated. This might be the reason why you have these numbers on reconciliation.
You can check each transaction to verify where these figures came from. Just select them directly or go to your register to view the details.
From the left pane, select Accounting.
Choose Chart of accounts.
Locate the account you reconcile, then click View register.
Review the transactions.
You can make some changes if necessary.
I’ve added these resources to learn more about managing your payments and how to handle discrepancies during reconciliation:
I'm assuming you use the Bank Feed function and sync your bank account with your QBs throughout the month. In that process QBs is making off the Cleared transactions (the "c" that gets added in the Register).
When you go to Reconcile, QBs knows what has been Cleared. So when you went to the Reconcile page, QBs is presenting to you what it knows has happened. If it all looks good, then you just need to accept it. If something doesn't look right or you don't have a $0 balance, then you need to look deeper.
The one thing to watch for is if there is an item that you are sure Cleared or you think should have Cleared. When that happens, make sure QBs didn't add a Transaction that actually was already in QBs. Doesn't happen a lot, but occasionally you'll find this kind of discrepancy.