I cannot reconcile a bank acct in QBO where I had an outstanding check 2017 Dec 31 when I formed a new QBO company 2018 Jan 1st. ?

BlueJs · ‎February 21, 2020

I had a sales transaction, then a return using QBO to return products to inventory. A refund check was issued and mailed on Dec.29th 2017. It was outstanding when I closed the QBO company and created a new QBO company starting Jan. 1, 2018. Now I cannot reconcile 2018 because of that check. Do I have to duplicate the 2017 sale, refund and check in the neew QBO company, using journal entries for those AND add/return my products to inventory using journal entries in the new company? We have been working on this (and paying bookkeepers to do the reconcile since Oct, 2019 when we filed 2018 IRS. The bank statements balance, but nothing I've tried has worked. Thanks.

GlinetteC · ‎February 21, 2020

Thanks for elaborating on your concern, BlueJs.

I'd be glad to help you out with your concern.

It could be that the check has been cashed out in January 2018 so you'll need to add the refund check on your 2018 books and can start the reconciliation.

To add the refund check:

Click the +New icon.
Under Vendors, select Check.
Enter the required field and make sure the Payment date is December 29, 2017.
Click Save and close.

You can now start reconciling your accounts in QuickBooks Online. You may also run the reconciliation report to ensure that the actual money spent matches the money in your account.

If you'll need help in viewing, printing, or exporting a reconciliation report, here's an article for your reference: How do I view, print, or export a reconciliation report?

Let me know if you have any other concerns about reconciliation in QBO. I'll be sure to help.

BlueJs · ‎February 22, 2020

Thanks for the speedy response, but I'm not sure that I understand correctly.

What account do I create/use when I re-write the check in my current QBO company?

The customer information is in the new company, but that is all - no transaction history because the return and check were posted to QBO in a now old/closed company in QBO and no data from the sale/refund was migrated over to the new company. Check was written but did not clear before company was closed in QBO.

I am now in a completely different QBO account/company that begins on January 1, 2018 because I was told that my inventory was beyond repair in the old QBO account. Inventory is not an issue in this QBO company - just this one outstanding check. We had no others and didn't realize this was out when we closed our old account.

Thank you for the time you've generously allowed to help.

Right now the check value is in uncategorized expense so the rest of the year can be reconciled and 2019 can be reconciled, but it is not an expense.

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I cannot reconcile a bank acct in QBO where I had an outstanding check 2017 Dec 31 when I formed a new QBO company 2018 Jan 1st. ?

I cannot reconcile a bank acct in QBO where I had an outstanding check 2017 Dec 31 when I formed a new QBO company 2018 Jan 1st. ?

I cannot reconcile a bank acct in QBO where I had an outstanding check 2017 Dec 31 when I formed a new QBO company 2018 Jan 1st. ?

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