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sbradysfv1
Level 2

Reconciling a past year after the accountant closed out the year

Hi! My question is pretty convoluted so sit tight :) 

I took over this job from someone who never reconciled in QB. She was here for the entire 2019 year so QB has not been reconciled since 12/31/2018..however, I sent the accountant our file and our taxes were already done for 2019, and the year closed out. I entered all of the journal entries he gave me and everything matched with the P&L and Balance sheet he gave me. My question is, do I need to back and reconcile 2019? Will that change all the balances? Can I skip to 2020? Things were a real mess here and I am not a bookkeeper but and AR/AP person! I have been eking my way through because of you guys and the help you give so THANK YOU ahead of time for any and all guidance I can get from you..once again :)

2 Comments 2
IamjuViel
QuickBooks Team

Reconciling a past year after the accountant closed out the year

Good day, @sbradysfv1.

 

Let me share some information on how QuickBooks handles your newly-entered journal entries.

 

Yes, you'd want to perform a mini reconciliation for each period that is impacted by the journal entry you've created. Also, make sure to do it in chronological order, otherwise, your beginning balances get messed up. Here's how:

  1. Go to the Banking menu.
  2. Choose Reconcile.
  3. Select the bank account with the transactions you need to reconcile.
  4. In the Date of Statement field, enter the date for an "off-cycle reconciliation."
  5. In the Ending Balance field, enter the balance of your last successful reconciliation.
  6.  
  7. Click Continue.
  8. From the Reconcile window, check off the transactions you are fixing and re-reconciling.
  9. Make sure the Difference field shows $0.00.
  10. When everything looks good, select Reconcile Now.

Also, it best to reconcile your 2019 transactions first. This way, it will no longer show up in the reconciliation window. You can read through these articles to learn more about the reconciliation process in QuickBooks:

Stay in touch with us here if you have other questions about reconciling your previous transactions in QuickBooks. I'm always here to help.

IamjuViel
QuickBooks Team

Reconciling a past year after the accountant closed out the year

I'm back to ensure everything is clear, @sbradysfv1.

 

Did the information I shared above answer your question about reconciling your account's past transactions?


The Community Team and I are always here to help you. Wishing you continued success.

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