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Level 3

Reconcile

Hello,

I have some inventory expense that i recorded back in 2019 in QBO because these inventory are carrying over to 2020 to sell, therefore to make things easier instead of recording every transaction in 2019, i only recorded what's needed/still active in inventory wise. My question is if i rcord without matching those 2019 transaction & just reconcile after confirming its in the right bank account/correct amount/date charged in 2019, can i just "R" reconcile it so I can balance what's being recorded balance, or that wouldn't work. As only a good 20% of the inventory is from 2019, I have no reason to bring in the whole year & record all data from 2019 when taxes is alraedy done. FYI i also just started using QBO in 2020 thats why i didn't have anything from 2019 recorded.

 

Just trying to find the best accurate way to bring down the balance to match whats in QBO & the bank & time consume. Everything 2020 will be perfect, bank feed is also only pulling from 2020, I just have to record 2019 COGS so when it sold there's an expense taken out.

1 Comment
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QuickBooks Team

Reconcile

I'll be here to help you with your concern, @mikelu9661.

 

Yes, you can manually reconcile your 2019 transactions in QuickBooks Online (QBO) by selecting the R option. Make sure to enter the correct closing date and bank balance when you start reconciling.

 

I suggest also consulting your accountant to keep you guided with the reconciliation.

 

QBO also has an option to print or export your reconciliation report once you're done. This will serve as your reference for the next month.

 

Stay in touch with us if you have other questions. More power to your business!

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