I have taken over the books from someone previous. How do I clear out old transactions in my bank reconciliation from years ago? Most of these are done from journal entries in the past. I don't want to re-reconcile from 10 years ago.
If the transactions represent transactions that really happened, or they cancel each other out, and so the ending bank balance is correct, then run a special reconcile and mark them all off at once.
Some are checks and some are journal entries from different years. I don't know why at this point they have not been cleared out. They do not clear each other out. Any other solutions?
Thanks for following up with the Community about this, hitekcomm.
There's a few reasons why previously reconciled transactions can show up as unreconciled:
As BigRedConsulting mentioned, you can perform a special reconciliation to correct these problems.
1. In the top menu bar, go to Banking, then Reconcile.
2. Choose which bank account you're working with.
3. Use the Date of Statement field to enter a date for an off-cycle reconcile. This can be any day between your last reconciliation and the one that's scheduled next.
4. Enter a balance for your last successful reconciliation in the Ending Balance field.
5. Click Continue.
6. On the Reconcile window, check off each transaction you're fixing.
7. Confirm your Difference field shows $0.00.
8. Select Reconcile Now.
I've also included a detailed resource that provides more information about performing special reconciliations: Reconcile previously deleted & re-entered checking or credit card transactions
Feel more than welcome to post a reply if there's any questions. I'll be here to help. Have a wonderful day!
Thank you for getting back to us, @hitekcomm.
There are several causes why there is a discrepancy in the amount when reconciling. And here are some of them:
To get this fixed, you can follow the step by step process below:
Step 1: Review your opening and beginning balances
Step 2: Look for changed, deleted, or added transactions
Step 3: Look for reconciliation adjustments
Once everything is fixed, you can finish reconciling your account. For more guidance, feel free to check out this article: Fix issues when you're reconciling in QuickBooks Desktop.
You might also want to check out this article to learn more about the reconciliation workflow: Learn the reconcile workflow in QuickBooks.
Visit our Community forums again if you have other questions with reconciling accounts. I'm always here to help. Have a wonderful day!
How do I balance them out. I have the old checks checked off and it give me the entire amount. What do I need to do to clear that amount. How do I record that amount in the deposits and other credits side????