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Level 1

Do I have to categorize all bank transactions before I reconcile an account?

 
2 Comments
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Moderator

Do I have to categorize all bank transactions before I reconcile an account?

Yes. We'll need to categorize the transactions, Crystalj.

 

This helps us to have an accurate financial report at the end of the year. If you've already added the transactions without categorizing, you'll have to undo them. Here's how:

 

  1. From the Banking tab, select Banking.
  2. Select the transactions.
  3. Click Undo.

 

The transactions will be back to the For Review tab. Afterward, you're good to categorize them. I'll show you how:

 

If all the transactions have the same category and payee, you can follow these steps:

 

  1. Go to the For Review tab.
  2. Tick the transactions.
  3. Select Modify Selected in the Batch actions drop-down.
  4. Select a Payee and Category.
  5. Click Apply and add.

 

If each transaction has a different payee and category, just select the transactions. Next, enter a Vendor/Customer and Category. Then, select Add.

 

Afterward, you can now reconcile the transactions. You can check this article for the detailed steps to reconcile: Reconcile an account.

 

Let me know if you still need assistance when reconciling the transactions. I'll help you out!

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Level 11

Do I have to categorize all bank transactions before I reconcile an account?

@Crystalj 

 

Yes and No. If you try to change the account category only later after you've reconciled the bank account, you will get this message (see below) but you can still change it.  That's fine, there is no need to UNDO bank rec.

 

Editing-reconciled-transaction1.PNG

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