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SheepAmongWolves
Level 1

Unable to advance to transaction reconciliation screen when there are service charges or interest

I'm using QB 2019 for Mac. I've recently created a new company file, and am attempting to reconcile an interest bearing account. 

The initial window that appears shows the previous balance, date of reconciliation, ending balance, and has fields for service charges and interest earned. If I leave the service charge/interest fields blank, I can successfully proceed to the next window, where I review transactions. However, if I put any value in the service charge or interest earned fields, the "OK" button grays out.

If I add interest using the register for that account - so it shows in the transaction review window - I am able to reconcile. 

My guess is that the underlying issue is that I need to connect the service charges and interest earned fields in that first window to the accounts I've created to track those. But at this point I can't find where to do that, and it appears other responses on this forum to my similar issue are for a different platform, so I can't port those solutions over. So how do I link those fields up to the correct accounts, or is this caused by a different issue?

Solved
Best answer March 07, 2020

Best Answers
Joesem M
QuickBooks Team

Unable to advance to transaction reconciliation screen when there are service charges or interest

Thanks for getting back to us, @SheepAmongWolves.

 

Based on the screenshot that you've provided, let's make sure that you select an account in the Interest Earned Account field on where you want to record the interest. So you'll be able to click the OK button and link this transaction.

 

 

You can browse our QuickBooks Desktop website it provides self-help articles that might help you in the future.

 

Drop me a reply if you have any other concerns. I want to make sure you're taken care of. Wish you all the best.

View solution in original post

10 Comments
MariaSoledadG
QuickBooks Team

Unable to advance to transaction reconciliation screen when there are service charges or interest

Hi SheepAmongWolves,

 

You'll want to make sure that you've selected an account for the service charge so you can successfully proceed to the next window. Here's how:

  1. Click Banking on the upper menu.
  2. Select Reconcile.
  3. Enter the amount of the service charge field.
  4. On the Account field, click the drop-down arrow to select an account. 
  5. Click Continue.

For future reference, in case you can customize reports to track your inventory: Customize Item Reports.

 

Reach out to us anytime if you need further help. We're always right here to help you anytime.

SheepAmongWolves
Level 1

Unable to advance to transaction reconciliation screen when there are service charges or interest

I think you misinterpreted my situation. I am not trying to connect to an outside banking service. I enter all my transactions manually. That is my preferred method. When I refer to an account, I'm referring to an account within Quickbooks. But I don't think QB is linking "Interest Earned" and "Service Charge" fields in the first reconciliation window with appropriate accounts within QB. I've attached a screenshot to better illustrate the problem. Here I've entered interest. As soon as I did so, the "OK" field grayed out. So assuming that is the problem (not connecting to appropriate accounts), how do I solve this?

Joesem M
QuickBooks Team

Unable to advance to transaction reconciliation screen when there are service charges or interest

Thanks for getting back to us, @SheepAmongWolves.

 

Based on the screenshot that you've provided, let's make sure that you select an account in the Interest Earned Account field on where you want to record the interest. So you'll be able to click the OK button and link this transaction.

 

 

You can browse our QuickBooks Desktop website it provides self-help articles that might help you in the future.

 

Drop me a reply if you have any other concerns. I want to make sure you're taken care of. Wish you all the best.

View solution in original post

Gkhomes2020
Level 1

Unable to advance to transaction reconciliation screen when there are service charges or interest

I am having this same issue and cant figure out how to reconcile as it will not allow me to add the interest to me new account. When I try to pick the acct that the interest is from (the same acct I am reconciling) I get an message that I cant pick that account. On my other company this field is BLANK with no issue, but on the New Company will not allow me to advance. 

Charies_M
Moderator

Unable to advance to transaction reconciliation screen when there are service charges or interest

Welcome to this thread, Gkhomes2020

 

I appreciate the screenshots you've provided. It helped me understand your concern more.

 

The error message your getting says "You cannot enter service/finance charges or interest without specifying a corresponding account." and "Your account is being reconciled.", is a warning when you are working with an accountant's copy.

 

This happens when you reconcile an account with the same date as your cut-off date. To fix this, you'll want to have the client send you a file with the change bank reconciliation date. You can ask your accountant for guidance.

 

In case you encounter a specific error, this article outlines the different errors and their corresponding solutions: Resolve errors when creating or working on an accountant's copy.

 

All you need to know about managing Accountant's Copy can be found in the following resources:

Feel free to visit this guide when reconciling your account: Reconcile an account in QuickBooks Desktop.

 

You may find this article helpful in case your accounts in QuickBooks Desktop don't match your bank statements at the end of reconciliation: Fix issues when you're reconciling in QuickBooks Desktop

 

I've got your back if you need more help with the reconciliation process. I'm always happy to lend a hand. Have a good one.

Gkhomes2020
Level 1

Unable to advance to transaction reconciliation screen when there are service charges or interest

I might be confusing what you are saying. I am the client. I have not created an accountant copy for this company at all since I created the Company. 
Gkhomes2020
Level 1

Unable to advance to transaction reconciliation screen when there are service charges or interest

I might be confusing what you are saying. I am the client. I have not created an accountant copy for this company at all since I created the Company.  I am executing my first reconciliation on the  bank account starting with a opening balance of zero and I have 10 cents interest on our first statement. 
AlexV
QuickBooks Team

Unable to advance to transaction reconciliation screen when there are service charges or interest

Good day, Gkhomes2020!

 

We just need to select the right account to fix the "You cannot use the account that is currently being reconciled" error. Allow me to help you.

 

In adding the interest in the Begin Reconciliation pop-up, it'll be included automatically on the bank account you're reconciling. The reason why you encountered this error is that you selected the bank account you're reconciling as the "Account" for the interest. You should select an income account if it's interest earned or an expense account if it's an interest you paid.

 

The "Account" on the Begin Reconciliation pop-up is what you'll use in tracking the interest amount. If you're unsure what to select, please seek some help from your accountant.

 

Please check this link: Learn the reconcile workflow in QuickBooks. This will discuss the process of balancing your books.

 

Also, this article will guide you in running reconciliation reports: Get reports for previous reconciliations in QuickBooks Desktop.

 

Do you have other concerns? Leave a comment again here and we'll respond as soon as we can.

Gkhomes2020
Level 1

Unable to advance to transaction reconciliation screen when there are service charges or interest

I don't follow what you saying. I tried to leave the field blank as I have done 100s of time with my other company in my QuickBooks and I get an error that I have to selected an accts for the interest. The 2nd Print screen I sent is what happens when I select the acct that's the bank acct that I am trying to reconcile that is the same accts that has the interest.

 

 

 

 

BettyJaneB
QuickBooks Team

Unable to advance to transaction reconciliation screen when there are service charges or interest

I appreciate your prompt response, @Gkhomes2020.

 

Let me shed some more light on the issue that you've encountered when reconciling your account.

 

As mentioned by my peers above, you'll need to select a different account for the interest instead of the current bank that you're reconciling. 

 

If you want to select the same account, I'd recommend reaching out to your accountant. This way, they'll be able to guide and provide the actions to be taken in this situation. 

 

You may also consider visiting our ProAdvisor site to get in touch with our accountants: Find an accountant or bookkeeper who loves your business as much as you do.

 

To add up, you can always scan through these resources for more insights about fixing reconciliation issues in QBDT:

Let me know if there's anything else I can assist you with in terms of reconciling your account. I'll be around for you. Have a nice day! 

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