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Economyfs
Level 1

Bank Reconciliations

I’m a new bookkeeper for a business and the prior bookkeeper hasn’t reconciled in about 7 months. The owner want me to start from Jan. to current but I’m not sure how to go about it because of course there are unreconciled transactions and also the beginning balance it’s correct. 

3 Comments 3
ChristieAnn
QuickBooks Team

Bank Reconciliations

Hi there, Economyfs.

 

Welcome to the QuickBooks Community, and I appreciate you for sharing detailed information about your concern. I'll make sure you're able to reconcile the transactions correctly, so your QuickBooks account stays accurate.

 

I suggest reconciling first those transactions from seven months ago before you start from January to current. This is to make sure your accounts always match your real-life bank and credit card statements to avoid discrepancies. Then, this will also help you monitor your income, expenses and other entries.

 

Here's how:

 

  1. If accounts are connected to online banking, make sure you match and categorize all of your downloaded transactions.
  2. Select the Gear icon ⚙ and choose Reconcile. If you're reconciling for the very first time, click Get started to continue.
  3. From the Account dropdown, select the account you want to reconcile. 
  4. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your statement.
  5. Enter the Ending balance and Ending date on your statement. Some banks call the ending balance a "new balance."
  6. Review the Last statement ending date. This is the end date of your last reconciliation. Your current bank statement should start the day after.
  7. Hit Start reconciling.

 

For additional information, you can click this article: Reconcile an account in QuickBooks Online.

 

Once done, you can now start reconciling accounts from January to the current one. Then, please follow the same instructions shared above to avoid any errors.

 

Please refer to this article to see steps on how you can view, print, and export a reconciliation report to Excel in QuickBooks Online: How do I view, print, or export a reconciliation report?.

 

Let me know how it goes in the comments below. If you have other banking concerns or inquiries about reconciling your accounts in QBO, I'm just around to help. Take care always.

Economyfs
Level 1

Bank Reconciliations

Unfortunately I’m not able to reconcile the old transactions but I was only asked to start from January to current and this isn’t the first time the bank was reconciled. It already show a starting balance but of course it does match the starting balance that I’m starting from. 

AileneA
QuickBooks Team

Bank Reconciliations

Hello, Economyfs. 

 

Thank you for getting back to us. Let's open the reconciliation report to serve as a guide to see all the transactions that need to be reconciled.  

 

Here's how to run the report:

  1. Go to the Reports menu.
  2. Type Reconciliation Report in the search bar, then click to open.
  3. Select the Account for the reconciliation report you want to view.
  4. From the Report period drop-down arrow, choose the reconcile period.
  5. Click the View Report option. 

If it's already reconciled then you can start on January transactions. 

 

Also, if the same thing happens, I recommend reaching out to our customer support team. They will be able to dive into your account with you in a 1-on-1 setting to diagnose what's going on. 

 

 

To contact our support, here's how: 

 

  1. Sign in to your QuickBooks Online company. Then click Help (?).  
  2. Choose Talk to a human.
  3. Enter "Talk to a human" again in the search bar.
  4. Select I still need a human, then click Contact us.
  5. Choose a way to connect with us.  

 

Just a heads up, due to the pandemic we have limited staffing. To make sure you get prioritized on your concern. Please check out our support hours and contact us at a time convenient: ​​Support hours and types.      

 

Additionally, here's a link that'll guide you through the process: Learn the reconcile workflow in QuickBooks

 

You can count on us if you have other questions in reconciling your accounts in QuickBooks. We'd be glad to assist you. Stay safe!

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