How do I resolve this? It concerns QuickBooks Online using the Banking feature and Pay Bills Online (Bill.com), then trying to Reconcile after a VOID:
(1) paid a $X bill from a vendor using Pay Bills Online
(2) at end of month I reconciled the checking, which included the $X bill payment because Bill.com takes the $X immediately even before a check is sent to the vendor.
(3) next month I voided the payment (so Bill.com then deposits $X back into the checking account)
(4) now I want to reconcile the next month, but QBO won't allow me to, saying that my beginning balance is off by $X.
(5) If I click on "We can help you fix it," the next window reports "There's a discrepancy because (the transaction) was changed after it was reconciled." It is true that the original bill payment now shows VOIDED, but the payment IS NOT voided in the checking register, so indeed, the beginning balance is off, and I can't reconcile.
(6) what do I do here?
Thank you for adding a detailed response about the issue. I can help you resolve the reconciliation issue in QuickBooks Online.
Since there are changes to the transaction, you can undo the previous reconciliation and void it. Technically, the vendor didn't receive the payment you've processed via Online Bill Pay.
Before starting, I recommend creating a backup copy of your company file. This way, you can revert anytime you want to undo the process.
Once done, you can proceed with using the Undo reconciliation feature. Please follow these steps:
After following the steps above, you can now enter the refund. I suggest using Bank Deposit to enter it back into your bank account. Here's an article with the detailed instructions: Record and make bank deposits in QuickBooks Desktop.
For additional reference, you can use the following link to learn more about the reports you can run to show changes to the reconciliation in QuickBooks: Fix issues when you're reconciling in QuickBooks Desktop.
Hit me up if you have more questions about reconciling accounts in QBO. I'm always here to lend a hand. Take care always.
Thanks for providing clarification about your product, finance139.
I'm here to ensure you'll be able to reconcile your account.
In QuickBooks Online, you'll have the option to manually remove the voided transaction on your check register to fix the beginning balance. I'll show you how.
I've also included this resource for more insights: Undo or remove transactions from reconciliations in QuickBooks Online.
For future reference, check out this article so you'll have a guide in reconciling your account: Reconcile an account in QuickBooks Online.
Don't hesitate to post your reply if you need further help with the reconciliation. We're always here to assist you.