Reconcile credit card for only last 7 years

dLearned · ‎November 08, 2021

Our company started with QB Desktop and switched to Online years ago. The records were all brought over up to about 2012, when for some reason, the previous bookkeeper went back to using Desktop. Fast forward...I am now starting fresh and trying to reconcile credit card and bank statements. I only have the last 7 years, so there is a gap between the last records in our system that I will not be able to recreate.

How do I create a "date in time balance" (i.e. the starting balance from the statements I do have vs what QBO shows as my QB balance)? When I try to reconcile, I cannot change the starting balance, and I do not want any reconciliation adjustment to be in the current year when it is do to errors at the start.

Kurt_M · ‎November 08, 2021

Hello, @dLearned.

Welcome to the QuickBooks Community. Let me help you with your credit card account's reconciliation. I'd like to shed some light regarding your beginning balance for your bank account in QuickBooks Online. It appears in the system if there are reconciled transactions. If you've created changes to the reconciled entries, this will affect your opening balance. Here’s how you can change the input of your beginning balance:

Go to Accounting menu, and then select Chart of Accounts.
Locate the account holding the transactions. Then select View register.

Important Reminder: Review the check column. “C” means cleared, if the transaction is reconciled, you’ll see an “R”.

The checkbox changes the letter in the box. Keep selecting it until the box is blank. This removes the transaction from the reconciliation. Select Save when done, and then close the account register.

If you don't see an opening balance entry, it means you don't have one. You can create a Journal entry to resolve this situation.

You can refer to these articles if you encounter any issues with reconciliation in the future:

I'm all ears if you have additional questions about the missing transactions on your report or reconciling your accounts. It's always my pleasure to help and guide you. Keep safe and Have a nice day!

View solution in original post

Kurt_M · ‎November 08, 2021

Hello, @dLearned.

Welcome to the QuickBooks Community. Let me help you with your credit card account's reconciliation. I'd like to shed some light regarding your beginning balance for your bank account in QuickBooks Online. It appears in the system if there are reconciled transactions. If you've created changes to the reconciled entries, this will affect your opening balance. Here’s how you can change the input of your beginning balance:

Go to Accounting menu, and then select Chart of Accounts.
Locate the account holding the transactions. Then select View register.

Important Reminder: Review the check column. “C” means cleared, if the transaction is reconciled, you’ll see an “R”.

The checkbox changes the letter in the box. Keep selecting it until the box is blank. This removes the transaction from the reconciliation. Select Save when done, and then close the account register.

If you don't see an opening balance entry, it means you don't have one. You can create a Journal entry to resolve this situation.

You can refer to these articles if you encounter any issues with reconciliation in the future:

I'm all ears if you have additional questions about the missing transactions on your report or reconciling your accounts. It's always my pleasure to help and guide you. Keep safe and Have a nice day!

dLearned · ‎November 08, 2021

Thanks for your reply.

To clarify, Yes, there are years of missing transactions. There are years of reconciled transactions from 2006 to 2011...then no transactions at all from 2012 to 2014. I have a bank statement from April 2014 (the furthest back the bank will go) and can proceed forward to present, but there is no way to retrieve the years in between (the deposit slips and check stubs are gone, except for payroll). Because the payroll and the invoicing continued online, those transactions have affected the bank balance in QBO, but they cannot be reconciled without a statement.

If I understand you correctly, you are saying the only thing I can do is a journal entry dated March 2014 adjust the balance to equal that on the oldest statement. Do I understand correctly?

AlexV · ‎November 08, 2021

Hello dLearned!

Your bank statement is needed when reconciling your accounts. Let me further assist you with it.

You're right. You can enter a journal entry to record the previous year's balance if you can't retrieve those data.

Go to the + New button and select Journal entry.
Enter all the details needed.
Tap Save and close.

Also, a journal entry can also be tricky especially since it can affect multiple accounts. You'll want to work with your accountant to ensure accuracy.

Here's the article for your reference if you need to make some changes to the journal entry you created: Reverse or delete a journal entry in QuickBooks Online.

Please comment again here if you need more assistance with this. Take care!

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Reconcile credit card for only last 7 years