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Join nowWhen we (a church) released our paid bookkeeper three months ago, the register for our bank account was found to be reconciled; that is, the closing balance of her last reconciliation matched the starting balance of the next bank statement that we received. We have now discovered, however, that before then the bookkeeper had been doing some “creative” work and there was one check, which cleared the bank four months ago, that was omitted entirely from her final reconciliation three months ago. Is there some simple, quick way to correct for that, without having to try and figure out how she managed to reconcile while at the same time omitting a check from the process?
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Let's see what happened here, finance139.
There's a possibility that your bookkeeper created an adjusting entry while reconciling the affected month. Hence, you still got the correct starting balance on the next bank statement.
There are different ways to correct this without affecting the following month's reconciliation. Before that, I'd recommend reviewing the affected month's reconciliation report.
If the amounts of the Adjustment in the reconciliation report and the omitted check are the same, we can proceed to these steps:
After that, we can go to the account register and reconcile the check manually.
If the amounts of the omitted check and the Adjustment are not the same, you might need to undo the reconciliation of the affected period. You'll have to do this one transaction at a time. You can use this link for reference: Undo or remove transactions from reconciliations in QuickBooks Online.
You can also invite your accountant to make it easier. They have an option to undo the period at once. From there, the can reconcile the period again and include the check you mentioned.
Note that we are always here to further assist you in managing your data in QuickBooks Online. Have a great day!
Let's see what happened here, finance139.
There's a possibility that your bookkeeper created an adjusting entry while reconciling the affected month. Hence, you still got the correct starting balance on the next bank statement.
There are different ways to correct this without affecting the following month's reconciliation. Before that, I'd recommend reviewing the affected month's reconciliation report.
If the amounts of the Adjustment in the reconciliation report and the omitted check are the same, we can proceed to these steps:
After that, we can go to the account register and reconcile the check manually.
If the amounts of the omitted check and the Adjustment are not the same, you might need to undo the reconciliation of the affected period. You'll have to do this one transaction at a time. You can use this link for reference: Undo or remove transactions from reconciliations in QuickBooks Online.
You can also invite your accountant to make it easier. They have an option to undo the period at once. From there, the can reconcile the period again and include the check you mentioned.
Note that we are always here to further assist you in managing your data in QuickBooks Online. Have a great day!
Tagging onto this conversation here... I have a new client I am keeping books for. The last time their accounts were reconciled were 4-8 months ago depending on the account from what I can tell. However, each account has several outstanding transactions from years ago. How do I handle this? I would like to clear them out to keep everything neat and clean but just deleting them does not seem like the right solution.
Hi there, Boone. I'll chime in to share some insights on how you can clear out your client's outstanding transactions in QuickBooks Online.
Reconciling the transactions is the best way to clear the outstanding transactions of your client's books for past years. That said, you can collect their bank statement for each specific period of the accounts that need to be reconciled. Then, you can reconcile each period to ensure you can clear all your transactions neat and clean.
You can also manually reconcile the outstanding transactions if these are included in the bank statement for the previous years. Here's how:
Otherwise, you can generate a journal entry for another option to clear out the outstanding transactions.
Additionally, you can check out this article to view various guidelines to assist you in your online transactions' reconciliation process: Learn the reconciliation workflow in QuickBooks.
If you have additional questions about reconciliation, feel free to click the Reply button below. I'm always here to help. Stay safe!
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