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mermaidgurl
Level 3

Reconcile an account that hasnt been done in over a year

Im trying to reconcile a credit card account for someone that hasnt been done for almost 2 years.  Theres no way to do 2 years worth of reconciliations.  Is there a way to start "fresh" with this month or last month and change the beginning balance/date, etc? Hellllp please.

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Best answer March 19, 2019

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john-pero
Community Champion

Reconcile an account that hasnt been done in over a year


@mermaidgurl wrote:

.  Theres no way to do 2 years worth of reconciliations.  .


Of course there is. It's called using the most recent statement from the credit card company that you trust and can hang your hat on Maybe December 2018 statement, maybe last September to give yourself a running start.  All you need is a statement date and a matching statement balance. Do have the next statement handy for reference. Start the reconciliation, hide all transactions after statement date, select all.  You might be surprised, but I doubt it. Anyone that has not reconciled a credit card account has not added monthly interest charges even if they entered all charges and payments correctly. 

 

I will NOT tell you to finish it with a reconciliation discrepancy posted to who knows where (that's a QB option), but whatever the difference is is the total of the items you need to find.

 

Last year I reconciled a checking account that had not been reconciled in 6 years. DO NOT say it cannot be done. My client, fortunately made certain every month that the balances were correct - basically they reconciled outside of QB. Ended up with a couple of uncashed checks to deal with but that was the extent of it

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8 Comments 8
john-pero
Community Champion

Reconcile an account that hasnt been done in over a year


@mermaidgurl wrote:

.  Theres no way to do 2 years worth of reconciliations.  .


Of course there is. It's called using the most recent statement from the credit card company that you trust and can hang your hat on Maybe December 2018 statement, maybe last September to give yourself a running start.  All you need is a statement date and a matching statement balance. Do have the next statement handy for reference. Start the reconciliation, hide all transactions after statement date, select all.  You might be surprised, but I doubt it. Anyone that has not reconciled a credit card account has not added monthly interest charges even if they entered all charges and payments correctly. 

 

I will NOT tell you to finish it with a reconciliation discrepancy posted to who knows where (that's a QB option), but whatever the difference is is the total of the items you need to find.

 

Last year I reconciled a checking account that had not been reconciled in 6 years. DO NOT say it cannot be done. My client, fortunately made certain every month that the balances were correct - basically they reconciled outside of QB. Ended up with a couple of uncashed checks to deal with but that was the extent of it

mermaidgurl
Level 3

Reconcile an account that hasnt been done in over a year

Thank you! Because it has been done in the past how do i change the beginning balance? Or is that part of the rec discreprancy? lol

john-pero
Community Champion

Reconcile an account that hasnt been done in over a year

And there is nothing that says you have to reconcile any account only one month at a time.  Some accounts with minimal activity I reconcile just once or twice per year

ShaunaS
Level 1

Reconcile an account that hasnt been done in over a year

Hi John, 

 

I have a similar issue that I am hoping you could give me some advice on. You seem knowledgeable. I have a client who has been in business since 2017. It has taken me 3 months just to get the 2019 statements from him just to get his books in order. He filed his taxes through a CPA for 17 & 18 so I am not worried about taxes. It's like pulling teeth to get this guy to give me the documents and information that I need (very busy and not worth his time). Obviously I could reconcile if I had statements but I do not and do not want to even try to get them. I'd like to start with 2019 since I know taxes have been done. Would you recommend putting the previous 2 years of transactions in Rec Discrepancy (maybe journal it out with the CPA's #'s later?) and continue with 2019?

Kavita Karnani
Level 1

Reconcile an account that hasnt been done in over a year

Facing similiar issue. Wondering if you got the solution to your query?

How did you reconcile?

AileneA
QuickBooks Team

Reconcile an account that hasnt been done in over a year

Hello, Kavita Karnani. 

 

I'd like to help you with your reconciliation in QuickBooks.  

 

When you reconcile an account, you compare transactions in QuickBooks with the ones on your bank statements. In the end, the difference between the two records should be $0.00. 

 

To learn more about the things before you reconcile your account, please overview this article to help you understand the procedure of reconciling an account in QuickBooks: Reconciling your accounts.

 

Then, let's go ahead and start the reconciliation process. Here's how: 

 

 

  1. Go to the Banking menu, then select Reconcile.
  2. In the Account field, select the bank or credit card account you want to reconcile.
  3. The Statement Date is automatically filled in. Usually, it's 30 or 31 days after the statement date of the previous reconciliation. Change it as needed to match your bank statement.
  4. QuickBooks also automatically enters the Beginning Balance. It uses the ending balance from your last reconciliation to get this number.
  5. Enter the Ending Balance based on your bank statement.
  6. Enter the Service Charge and Interest Earned based on your bank statement. Don't enter charges you've already entered in QuickBooks.
  7. Review the fields. If the info is correct, select Continue or OK. 

 

For more details, please refer to this article: Reconcile an account in QuickBooks Desktop.  

 

You may also consider reaching out to your accountant. This way, they'll be able to guide and help you ensure your book is accurate. 

 

Incase you don't have an accountant, you may visit 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!

jolie.lotz@ybs.u
Level 3

Reconcile an account that hasnt been done in over a year

This response offers little/no assistance with annual reconcilation vs monthly. 

Users posted they already know how to do standard reconciliation using QB.

QBD & QBO or any other version should offer option to complete an annual bank/cc reconciliation without ridiculous limitation of monthly.

In QBO cleared entire year of transaction on bank recs from completed month of March forward through December and crappy system acts as if out of balance for months and unable to move forward to next month. 

Ridiculously incoherent methods in all areas across all versions of QB, as if drunk drivers created these barely functional systems with bargain basement "features" at premium prices.

Also many users may be on QuickBooks online and advice is often offered for other versions.

JamaicaA
QuickBooks Team

Reconcile an account that hasnt been done in over a year

Hello there,

 

I understand the importance of seamlessly reconciling your accounts monthly or anually. I’m here to ensure that you're able to get this sorted out.

 

Can you please share more information about your concern? I’d appreciate it if you elaborate any issues you may have. Any clarification will help me provide the accurate resolution to you.

 

Please get back on this thread, I'll be looking forward to helping you more. Stay safe.

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