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Tawnytim
Level 2

The cleared balance QBO reports is wildly incorrect

I had an issue where somehow about 1500 transactions got double imported and I've got no way to remove the duplicates because their memos for some reason are different slightly.  So, to fix this problem, I'm going to just go back and re-reconcile everything.

 

First question:  Is there no way to "un-reconcile" 100% of the transactions in my Checking account ledger?

Second Question:  I unreconciled the only 3 transactions from when I opened this account in March 2021.  My statement from the bank reads an ending balance of $3,740.00 as of March 31, 2021, which consists of 3 deposits:  $120.00, $320.00 and $3,420.00.  In the reconciliation module, QBO tells me I have a cleared balance of $24,940.92 - see attached.

 

The second attachment shows my bank ledger for the month of March 2021, and you can clearly see only the deposits I mentioned.  What's the deal?

1 Comment 1
JessT
Moderator

The cleared balance QBO reports is wildly incorrect

Hi Tawnytim,

 

You've come to the right place to get help with your bank transactions and reconciliation. I'll be happy to help you resolve the issues.

 

You can't unreconcile everything at once in the regular QBO subscription. You'll need an accountant user to do the job since they have a tool in their QuickBooks to unreconcile transactions on your QBO in batches. However, we won't need that process in this scenario.

 

Here's our roadmap: Since you've imported all your transactions, we'll just need to undo them all (or just the duplicates) so they'll be removed from your checking register. Here's an article with detailed steps to guide you through that: Unmatch downloaded bank transactions or move them to another account.

 

As for your March 2021 reconciliation, I notice that you have two transactions amounting to 33.24 each. Though they offset each other, you can remove them from your register since you said you only have three transactions. Your Beginning Balance should be 0.00, and there should only be three transactions in the register in March 2021.

 

The Beginning Balance is the sum of all the reconciled transactions (the ones with an R mark) in your checking register. Therefore, the 21,200.92 Begining Balance in your register is from the transactions with an R (reconciled) mark. On the other hand, the Cleared Balance on the screenshot is the sum of the Begining Balance and the total deposits in March. Anyway, they will be removed once you undo all imported transactions, so don't worry about them.

 

Feel free to share an update or to ask more questions if you need help throughout the process.

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