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Can i fix previous year reconciled accounts, but with discrepancy?

 
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Best answer 09-19-2019

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Moderator

Re: Can i fix previous year reconciled accounts, but with discrepancy?

It's good to see you here in the Community, solespinosa-mse.

 

I'm here to get the help you need in reconciling accounts in QuickBooks Online.

 

Reconciliation in QuickBooks Online is done to make sure that your account reflects your business transactions. Reconciliation discrepancies may be caused by one of the following reasons:

  • Previously reconciled transactions have been modified, deleted, or added
  • Reconciliation adjustments (Journal entries, etc.)

In order to fix reconciliation discrepancies, you can pull up the Reconciliation report or Reconciliation History that will help you identify discrepancies.

 

If you're unable to identify the transaction/s in the register that needs to be corrected, you'll need to undo the previous reconciliation until the opening balance is correct. Then, once the opening balance is correct, you can proceed with reconciling the current month making sure the opening balance is correct for each month. If you encounter an incorrect beginning balance for a specific month, you can just correct it. However, if a transaction from years ago was changed or deleted recently, you may need to undo bank reconciliations for the past however many years to get to where the opening balance is correct.

 

For further information on reconciling, I recommend the following resource: Reconcile hub.

 

You may also find below articles helpful:

Should you need further assistance when reconciling account, please feel free to get back to me. I'm more than happy to offer additional help.

View solution in original post

2 Comments
Moderator

Re: Can i fix previous year reconciled accounts, but with discrepancy?

It's good to see you here in the Community, solespinosa-mse.

 

I'm here to get the help you need in reconciling accounts in QuickBooks Online.

 

Reconciliation in QuickBooks Online is done to make sure that your account reflects your business transactions. Reconciliation discrepancies may be caused by one of the following reasons:

  • Previously reconciled transactions have been modified, deleted, or added
  • Reconciliation adjustments (Journal entries, etc.)

In order to fix reconciliation discrepancies, you can pull up the Reconciliation report or Reconciliation History that will help you identify discrepancies.

 

If you're unable to identify the transaction/s in the register that needs to be corrected, you'll need to undo the previous reconciliation until the opening balance is correct. Then, once the opening balance is correct, you can proceed with reconciling the current month making sure the opening balance is correct for each month. If you encounter an incorrect beginning balance for a specific month, you can just correct it. However, if a transaction from years ago was changed or deleted recently, you may need to undo bank reconciliations for the past however many years to get to where the opening balance is correct.

 

For further information on reconciling, I recommend the following resource: Reconcile hub.

 

You may also find below articles helpful:

Should you need further assistance when reconciling account, please feel free to get back to me. I'm more than happy to offer additional help.

View solution in original post

Level 1

Re: Can i fix previous year reconciled accounts, but with discrepancy?

ohh thank you very much, Mirriam.

 you clarrified everything i need!

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