Reconcile Bank Statements without starting balance ...

RamFan · ‎November 25, 2018

Quickbooks novice who only recently learned the value of reconciling against bank statements. I have a Quickbooks company that goes back to 2016 but I only have bank statements going back to last year 09-2017. The bank balance does match my statement, but when I go to reconcile for the first time, it obviously shows the starting balance of $0.00. Realizing my situation isn't ideal, is there a work around so that I can reconcile beginning in September 2017?

Thanks,
Patrick

Anonymous · ‎November 25, 2018

You can do a single mass reconcilation and clear all the old QB entries in one sweep.

Just start the reconcile function, enter the closing date and balance (that you already know is correct) and click 'mark all'. Hopefully it balances as you expect - you may need to unclick any items posted after the statement date, and possibly post the bank charges.

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qbteachmt · ‎November 26, 2018

The first reconciliation always starts at 0. The Beginning Balance is not "funds in bank" but "The net of all previously cleared transactions." You have None Cleared. It starts at $0 for this reason.

View solution in original post

Anonymous · ‎November 25, 2018

You can do a single mass reconcilation and clear all the old QB entries in one sweep.

Just start the reconcile function, enter the closing date and balance (that you already know is correct) and click 'mark all'. Hopefully it balances as you expect - you may need to unclick any items posted after the statement date, and possibly post the bank charges.

qbteachmt · ‎November 26, 2018

The first reconciliation always starts at 0. The Beginning Balance is not "funds in bank" but "The net of all previously cleared transactions." You have None Cleared. It starts at $0 for this reason.

Pete_Mc · ‎November 27, 2018

And before you mark everything Reconciled when you do Sept, 2017, be sure to look at the Oct., Nov., and possibly even Dec. to make sure there are not checks written in Aug. or Sept. that were not submitted until Oct. or possibly even later.

And if you find when you do Oct. and Nov. that they don't reconcile for some reason, remember you can UN Reconcile and start over. Just make notes as to what didn't work the first time and leave those items open until you get to the appropriate month.

RamFan · ‎November 27, 2018

Makes sense and worked like a charm. Thanks to all!

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Reconcile Bank Statements without starting balance ...