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Level 1

Can I change things on a reconciled statement? How?

 
38 Comments
Level 9

Re: Can I change things on a reconciled statement? How?

Yes. But it is best to get an Accountant to help you with this. When you change a transaction that has been reconciled, you have to re-reconcile each period that is impacted by the changes made, in chronological order, otherwise your beginning balances get messed up. Also, a transaction that is deleted that originated in your bank feed, will go back into your bank feed for categorization.

Level 12

Re: Can I change things on a reconciled statement? How?

Depends on what you want to change.  Anything but amount and the account that is reconciled can be changed. Open each transaction in question from the register or from receipts, payments, deposits, etc. Click on edit, edit and save. Your reconciliation will not change.

 

This goes even for payee name as well as expense or income account

Level 9

Re: Can I change things on a reconciled statement? How?

Good point John, however most users don't ask questions about changing reconciled items if the amount or account don't need to be changed. :)

Highlighted
Level 12

Re: Can I change things on a reconciled statement? How?

I look under different rocks than you and have seen my share of "help, I posted a check to the wrong expense but it is reconciled, what do I do now?"

Level 9

Re: Can I change things on a reconciled statement? How?

LOL. Thanks for making me laugh, John. I turn over every stone and look for every penny, it's just my way. So it is not likely that you turn over different rocks than I do. It is difficult to look under rocks when you have limited visibility.

 

I tend to be proactive in warning users about what could go wrong when they change accounting transactions. I feel it is important to solve problems before they occur whenever possible, and it is less valuable to share what a user can't screw up when they change an accounting transaction.

Level 1

Re: Can I change things on a reconciled statement? How?

This was exactly my question, John. I didn't change amounts or anything, but I went back and changed some expense categories for transactions in already reconciled periods. Am I still going to be reconciled? As I click around in reconciliation history, it says I have made changes....deleted things, but I always added them back right away after changing expense categories. Are you able to help clear up my confusion any further? Thank you!
QuickBooks Team

Re: Can I change things on a reconciled statement? How?

Hi @KGilbs,

 

Allow me to join in this conversation and share my thoughts about reconciled transactions.

 

I agree with what @john-pero mentioned above. Changing anything but the amount and the account on any given transaction won't change its reconciliation status, is correct.

 

It's a good practice to recreate deleted transactions, especially for reconciled transactions. It's not enough to only recreate them though, you'll have to manually tag them as reconciled so you won't have any issues with your account balance the next time you do a reconciliation.

 

Let me show you how:

  1. Go to the Chart of Accounts tab.
  2. Search for the correct account of the transaction in question.
  3. From the Action column, select  View register.
  4. Locate the transaction to edit.
  5. In the reconcile status column (indicated by a check mark), repeatedly select the top line of the transaction to change the status of the transaction.
    • C - Cleared from the bank
    • R - Reconciled
    • Blank - Not cleared or reconciled

You can follow the same steps above for any transactions you've edited the amount or account related to it since its reconciled status will be removed.

 

Should you encounter a situation where your account's opening balance doesn't match its bank statement, please refer to this article: Fix an opening balance to match a bank statement. It lists a number of possible scenarios for this specific issue, then provides you steps on how you can resolve each of them.

 

Please feel free to drop a comment below if you have any other questions for me. I'll make sure to get back to you.

Level 12

Re: Can I change things on a reconciled statement? How?

Due to QBO making and modifying it's own banking "rules" as it sees fit with total disregard for how we set "rules" I was asked by a client yesterday if they had to correct all the misapplied transactions prior to reconciliation and my answer was a big fat NO. If the entries are in the checking r credit card account register and the amounts are correct then one can reconcile now and edit later with no I'll effects.

Level 9

Re: Can I change things on a reconciled statement? How?

If a reconciled transaction is deleted, even if it is replaced the account should be re-reconciled as a best practice, as the new transaction will not be "reconciled". If only categories (accounts) have been changed, then John is correct, re-reconciling the account is not necessary.
Level 12

Re: Can I change things on a reconciled statement? How?


@Regina_Lend_A_Hand_Accounting wrote:
If a reconciled transaction is deleted, even if it is replaced the account should be re-reconciled as a best practice, as the new transaction will not be "reconciled". If only categories (accounts) have been changed, then John is correct, re-reconciling the account is not necessary.

If you know exactly what you are doing - deleting (even by error) and adding new or re-creating what was deleted, while a new reconciliation is helpful and takes moments you can mark any transaction as reconciled and if for examplyou deleted a check for 100 that was reconciled and add back in a check for 100 (within same timeframe) AND in the register view mark it reconciled then it is. And you will not see it pop up next recon. 

Level 9

Re: Can I change things on a reconciled statement? How?

If you are marking a new transaction as reconciled, you are re-reconciling, which is what I noted, does not matter if you do it within the check register or through the reconciliation module, but I do not advise my clients to edit transactions directly within the check register, as it is not a best practice. Simply re-entering the bank statement ending balance and date and a few clicks and you are re-reconciled, it is easy. You most certainly don't have to re-reconcile all of the account transactions.
Level 1

Re: Can I change things on a reconciled statement? How?

Hello Ryan, Your comment and the link you provided were both helpful. As I continue to investigate, it seems that my mistake was not what I was doing, but how I was doing it. I wanted to re-categorize some donations into different income accounts, but these donations were in past months that I had already reconciled. I was going into the "reviewed" section of transactions and clicking "Undo". I now believe that was the wrong way to go about it. It kicked them back into the "Unreviewed" section of transactions where I proceeded to re-categorize and re-add them. In the register you talked about below, all of these transactions I re-categorized are all still marked with an "R" for reconciled, but it was the reconciliation tab that was concerning me. My beginning balance was off the exact amount of the sum of all the changes I had made. Even more concerning, instead of all my pretty $0.00 balances, at the top of each month's report was a reconciliation change report which showed me the $ changes of the month. When I clicked even further into that change, it told me the change type was "deletion" of each transaction I changed. It didn't even say any of them had been added back, which all of them immediately were. Since discovering all of this, I'm still not sure everything is right, but I THINK it is. I just entered the correct beginning bank balance for May (which was the latest month I needed to reconcile), and put in the ending balance and the date, and it all reconciled to $0.00 once again. This was a RELIEF so I think I am good, but can you reassure me that I am still reconciled for the whole year? Because I am very confident that May is reconciled, but those previous months still show me the "Reconciliation change report" and changes made, etc..... Again, All of the transactions have an "R" in the register, which I never manually did myself. Thank you all very much for your comments and trying to help!
QuickBooks Team

Re: Can I change things on a reconciled statement? How?

Hello there, KGilbs.

 

Thanks for keeping in touch and for sharing us how you're able to figure things out. Let me share additional insight about your concern.

 

All the information stated by john-pero, ReginaMarie and RyanM are correct. As long as you recreate the deleted transaction within the same time frame and marked it as reconciled (R), then it will not affect the reconciliation amount and will only show on the Reconciliation Discrepancy report.

 

In the future, you can just directly change the income account to the added transaction from your online banking by opening the transaction. This way, you don't need to re-reconcile your account. 

 

You're on the right track. If you need more clarifications about the reconciliation process in QBO, don't hesitate to visit us again. I'm always happy to help.

Level 9

Re: Can I change things on a reconciled statement? How?

Yes, when you delete or "undo" the adding of a bank feed transaction it will go back in the "For Review" tab. When you delete a transaction that has been reconciled; it will need to be re-reconciled when you re-enter it. Reconciled transactions that have been deleted will be automatically tracked on the reconciliation reports. You should use the "Reconcile" feature instead of manually reconciling transactions directly in the register. If your beginning balance is correct as of 5/31/19 and you have not reconciled June yet, you are good :)
Level 1

Re: Can I change things on a reconciled statement? How?

Is it ok  if we add a journal entry  to debit the amount in the wrong income account and credit the correct income account.

Level 1

Re: Can I change things on a reconciled statement? How?

i have several transactions in one of my bank accounts that I mistakenly recorded as expenses vs transfers.  These transactions were all transfer between 2 bank accounts.  The offsetting account was the correct bank account, but since the classification was erroneously recorded as an expense vs a transfer, I'm not finding the offsetting transaction in the correct bank account.  HELP... 

 

QuickBooks Team

Re: Can I change things on a reconciled statement? How?

Hi, @confused.

 

I'm glad you've reached out to the Community. Let me help share some details about updating bank account transactions in QuickBooks Online (QBO). 

 

Did you manually create the expense transactions? If so, you'll need to delete it and manually re-create the transactions as a transfer. 

 

However, if this is online banking, you can Undo the accepted transactions to update the correct category. 

 

To do this, please follow the steps below:

  1. Go to Banking menu.
  2. Click Banking tab.
  3. Choose the bank.
  4. Select IN QUICKBOOKS and locate the bank transfer.
  5. Click the transaction and hit Undo.
  6. Once done, go to the For Review tab.
  7. Locate and click the transaction.
  8. Select Record Transfer, and choose the correct account.
  9. Click Record Transfer

If you need further assistance with the steps, I encourage you to contact our QuickBooks Online Support Team. They have additional tools to pull up your account in a secure environment and do a remote session. 

 

You can contact our customer support by following these steps:

  1. Sign in to your QuickBooks Online company.
  2. Select Help (?) at the top right.
  3. Select Contact Usto connect with a live support agent.

For additional reference, you can check this article to learn more about the bank feeds transactions in QBO: Assign, categorize, edit, and add your downloaded banking transactions

 

Please know that I'm just a post away if you have additional questions about updating bank category. Have a good one. 

Level 1

Re: Can I change things on a reconciled statement? How?

Have a bank account reconciled from last year. It appears that all transactions that were under an Income subcategory 42010 were identified as an Expense instead of Income, so on the P&L it lists the subtotal as a negative instead of a positive amount. Is there a way to change these to reflect accurately on the P&L that someone can walk me through without having to manually redo the reconciliation for the year?   

QuickBooks Team

Re: Can I change things on a reconciled statement? How?

Glad to have you here in the Community, @terryan.

 

I've got you covered in verifying the expense transactions on your Profit & Loss in QuickBooks Online.

 

In situations like this, you'll need to check the transaction type of your expenses to see if it's correct. If not, you may need to undo the reconciliation and modify the transaction, to change the subtotal into a positive amount. 

 

To do that:

  1. Click on Reports at the left pane.
  2. Select on Profit & Loss.
  3. Choose the correct date range.
  4. Select the negative amount.
  5. Double-check its transaction type and change it if it's incorrect. 

To give you more details about handling income and expenses in QuickBooks Online, please visit this link: Income and expenses. Once done, you can now reconcile your transactions manually.

 

If you need additional assistance in performing this procedure, you can always reach out to our Customer Care Team. They have advanced tools that can walk you through this process.

 

These resources will get you pointed in the right track, terryan.

 

I'd like to ensure that you're all set, so please let me know how it goes or if there's anything else that you need. I'll be around to help you out. Have a good one!

Level 1

Re: Can I change things on a reconciled statement? How?

Thanks. Had a lengthy conversation with a QB support person, which they were not too helpful. 

What I ended up doing is going over all the transactions for the year in the Banking section and found multiple transactions that were duplicates and identified wrong as being expenses instead of income from being pulled in from a csv file. After selecting and excluding, I deleted them. 

I then unreconciled the previous year and went back through and reconciled for each month. Each month was reconciled fine. 

The result I see though when looking at the P&L for the year still looks off. It doesn't account for all the income for that transaction type. 

Level 1

Re: Can I change things on a reconciled statement? How?

Hi John

 

I found this very useful - I was specifically looking for this info as I wasn't sure if changing the expense category on a reconciled item would mess up reconciliation - so thank you for clarifying!

 

Not sure why others in the comments section felt the need to tell you this wasn't a relevant piece of info. Maybe too much time on their hands :)

 

Thanks!

Level 2

Re: Can I change things on a reconciled statement? How?

Hi John,

 

I am new to QB online, I have a long experience with QB desktop.

I made changes to the payee names and on expense accounts on transactions from a reconciled statement. When I reprint the reconciliation report, the changes I made for the payees are not updated. What do I do now? Please help?

Moderator

Re: Can I change things on a reconciled statement? How?

The information will not change on the report, vdpacct.

 

Unless you undo the entire reconciliation, then redo it. It will create a new reconciliation report that will show the changes you made.

 

If you have an accountant, they have an option to undo the whole reconciliation for you. You can provide this article: Undo your client’s reconciliations with QuickBooks Online Accountant.

 

Please let me know if you have additional questions about this. I'll be around to help.

Level 2

Re: Can I change things on a reconciled statement? How?

Thank you, Mary!

 

I am an accountant.  :-)  I am just new to QB online.  

 

I do want to undo the reconciliation. I have it on the screen, but there is no "action" tab, so I can follow step #7 and #8.

 

7. When you’re ready, select the arrow in the Action column, and then select Undo.

8. Select Yes and then Undo to confirm.

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