I've recently taken over reconciling our bank statements from someone who has left the company.
The last reconciliation she did was for 12/31/19, and included an adjustment of -$54 to get recon difference to $0. Now when I try to reconcile the 1/31/20 statement, I end up with a difference of $54.
I have since found the problem with the 12/31/19 reconciliation, which was a check transaction that was never entered in QBO. I would like to get rid of the adjustment she did for the last recon. and then just entering the missing transaction in the register. But I'm not sure if this will fix it or if it's the best way to do it.
How can I move forward in 2020 without having to put another adjustment in my first reconciliation?
I'm glad to help correct the reconciled account on 12/31/19.
Let's start by deleting the adjustment entry so you won't see it on the next reconciliation. To do so, you'll want to run the Transaction List by Date report and delete it from there. This report lists all transactions with Reconcile Adjustment in the Memo field within the specified date range.
Go to Reports from the left navigation bar.
Open Transaction List by Date.
In the Report period fields, select the appropriate time frame or set custom dates.
Click Customize, then go to the Filter option.
Mark the Memo checkbox and enter Reconcile Adjustment in the field.
Click Run report.
Locate and delete the entry.
Once done, enter a check through the register and make sure the date is under the 12/31/19 statement. This is to ensure you have a correct balance on your register.
I'm glad to walk you through the steps:
Go to Accounting from the left navigation bar, then pick Chart of Accounts.
Find the reconciled account, then click View register under Action.
Click the Add icon, then select Check.
Enter the actual date, then complete other fields.
Click the check column until you see an "R", then hit Save.
Here are your resources to help manage your books in QuickBooks Online:
Thanks for the instructions. I am, however, having trouble in step 7 of deleting the adjustment. When I try to delete the adjustment entry (either by clicking the trash can or the "Clear all lines" button), I get an error message when I try to save and close the window. The error message says, " ! Something's not quite right Please enter at least one line item."
I can send you a screen shot if that helps you diagnose the issue. Thanks.