Reconciliation with excluded items

Your attention to detail in ensuring that the transactions recorded in QuickBooks align with your bank transactions is truly commendable, Blondie18. Allow me to provide some additional information to help maintain the accuracy of your account and avoid discrepancies during the reconciliation process.

Once you reconcile transactions in QuickBooks Online (QBO), they need to match with your bank statement at the same time posted on the same bank account.

You mentioned that you've excluded your manually entered expenses, can you tell us more about how you do it in QB? Any further details or insights you could provide to us would be greatly appreciated.

If your imported transactions come from QBDT, you can match them with downloaded bank transactions. These help reconcile your records and prevent duplicates by clearing imported transactions from your register. I will provide a detailed guide to help you accurately match transactions in your QBO account. Here are the steps to follow:

1. Navigate to Transactions.
2. Choose Bank transactions.
3. If identical transactions exist, they will show up in the Categorize or Match column as suggested matches.
4. Click on the transaction to see more details.
5. Check the Suggested matches for any transactions that may have already been entered in QuickBooks.
6. Once done, you can click on Match. Make sure that the transactions are correct.
   
   

You can check this article for detailed guidance in matching bank transactions in QBO: Confirm suggested matches for bank transactions in QuickBooks Online.

You've also mentioned that you've seen some articles about the process of excluding certain items and establishing an equity account. If you could share those resources with us, it would be greatly appreciated. To clarify, when expenses are recorded under equity accounts, they won't be part of your bank's reconciliation.

To ensure your expenses are accurately reconciled, I highly recommend that you consult with your accountant. They have the expertise to guide you in effectively managing these transactions, ensuring everything is handled correctly.

Moreover, if you have successfully reconciled your account you can find this article helpful in guiding you with your next reconciliation: How do I view, print, or export a reconciliation report?

If you need help with QuickBooks, consider exploring with our QuickBooks Live Expert. They offer professional guidance on using the software effectively, helping you manage your finances better. With their expertise, you can handle your accounting tasks efficiently and focus more on growing your business.

If you have any questions about reconciling your account to establish accurate transactions within QuickBooks, please Reply below with your inquiries. Rest assured, we will respond as quickly as possible. Have a great day ahead!

Because we are for the most part on a cash basis,  we migrated from Desktop to QBO without bringing over any balances.   We connected our bank accounts using January 1st.   Unfortunately, there were numerous expense transactions reported in December that came in on the January bank feed.  In order to successfully reconcile I need to determine what I can do with those excluded transactions.  Because they were expenses I don't want to bring them in as expenses and distort our Income and Expense report for January.  I was hoping that there were others who may have had this same situation and might have suggestions.  Thanks!