I have used bank feed and manually entered information to create bank account in QBO; creation date was 3/22 and I have entered info back to 1/21. I have checked all of the data and have double checked it to make sure it correct but I have not reconciled properly. How are adjustments counted? What is the best way to correct? Can I duplicate the account by month and reconcile each month as I go? My end goal is to have my QB and bank account match as close as possible.
I'm pleased to have you here in the Community today, @Jennifer891. I'll share some information about your concern.
You can manually enter transactions or import the downloaded bank data to your QuickBooks Online account. Doing both will only create duplicate entries in your bank feeds. Once you've already imported the transactions, you can categorize and match them. After that, proceed to reconciling the account. If there are duplicates, here's how you can get rid of them:
Additionally, it's not possible to duplicate the account by month and then reconcile them each month.
If you'd like to enter an adjusting entry, these are the steps:
After that, you'll notice a message stating that your account is unbalanced. Add an adjusting entry by clicking the Add adjusting entry link. This creates an expense transactions if the difference is negative or an income transaction if the difference is positive. It forces the account to balance.
Please feel free to read these handy articles for your reference:
You are always welcome to post here again if you need help with your QuickBooks-related concern. I'll be more than happy to assist you once again. Keep safe and have a good one!
I have done some reconciling of the account. There were adjustments made; however, I think I have erased these. What is the best way to correct now? Are adjustments counted on any expense report or do they just show in the bank register?
Good morning, @Jennifer891.
Thanks for reaching back out on this thread. Let me share some insight on this issue.
Note: With removing and adding these adjustments, before doing so, we recommend consulting with your accountant to be sure of the steps you're taking. They'll be able to ensure these are right for your business.
If you're unable to locate these adjustments still, I recommend contacting our Customer Support Team so they can use a screen share to help you review them. Here's how:
It's that easy!
Come back and let us know how the call went. It's my priority that you're able to get back to running your business. Have a great day!