I have 2018 in my que & 2019 was never entered or reconciled. Can 2018 be reconciled & 2019 entered & reconciled? I am reconciled from.2020 to current.
Thanks for dropping by the Community, 1 Learning.
I'm here to assist you with reconciling the past year that was unreconciled.
Yes, that is possible. You can reconcile transactions that haven't been reconciled yet with your financial statements for months or years. Keep in mind that the beginning balance of a month is from the previous month's ending balance.
If you have reconciled 2020, the ending balance may not equal the opening balance of 2018. You may need to make adjustments or journal entries to change the beginning and ending balance. Another way is to undo the previous reconciliation. As this option can impact your books and reporting, I suggest reaching out to your accountant for guidance.
Please create a backup of your company file before making any changes so that you have data to look back on if something goes wrong. It's best to reconcile in order, then input 2019 transactions once you've completed the 2018 reconciliation. Refer to this article for a complete guide in the reconciliation process: Reconcile an account for multiple months or years of transactions and financial statements.
In addition, I've added this resource so you'll learn how to fix issues while reconciling the account: Fix issues when you're reconciling in QuickBooks Desktop.
Let me know if you need further assistance with reconciliation. I'll be here to help you out.
Ok, I’m on the right track then. Accountant said not to add the 2019’s & taxes have been done for all. My question is if you reconcile all, couldn’t you make journal entries if needed? Doesn’t make sense to me not to have everything in the system.
Welcome back, 1 Learning.
You can still make journal entries if necessary after you've completed your reconciliation. However, you'll have to seek advice from your accountant first before doing some journal entries or adjustments. They'll be able to guide you on the best action to take based on your situation.
Also, you may need to do a special reconciliation if you made some changes for the reconciled ones. Check out this article for more details: Special reconciliation.
It's a good idea to enter all transactions into the system so you can keep track of everything. If your accountant chooses not to enter your 2019 data, I recommend that you accept their advice because they know what's best for your books in terms of accuracy.
Additionally, you can visit this resource for more insights: Learn the reconcile workflow in QuickBooks.
Stay in touch if you need anything else, 1 Learning. Take care and stay healthy.