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daxhenry73
Level 1

Uncleared Deposits

Good day,

 

I am looking for a little help regarding a issue I am sure some of you have dealt with before.  So I just recently started as the Bookkeeper for a company that has been in business for a few years.  Things had fallen a little behind but I was able to get things back on track.  I just finished with the Bank reconciliation through 2/22.  It all reconciles out but I have found that I have about 74 various "received deposits" some dating back to 2020.  I know these deposits either have been taken in or will not clear.  I need to know how I should go about cleaning them up?  Right now for example QB's is saying that the checking account should have a balance of lie 480k and the updated reconciled through Online Banking is more like 28k.  I don't know if I should just delete all of them but I am worried that it will cause some issues with other factors.  Does anyone have any advice on how I should handle this? 

 

Thanks,

 

Dax

2 Comments 2
Rose-A
Moderator

Uncleared Deposits

A warm welcome to the Community,daxhenry73.

 

To ensure your data is accurate, you'll need to undo the reconciled transactions and reconcile those 74 various deposits first. I'd suggest working with an Accountant to help guide you with the process.

 

You may want to invite the accountant to the company, and let them undo the reconciliation period at once.

 

Here's how:

 

  1. Click the Gear icon in the upper-right corner, and select Manage Users.
  2. Go to the Accounting firms tab, enter the accountant's email and click the Invite button.
  3. Hit Save.
  4. Once invited, have your accountant undo the entire reconciliation.

 

Otherwise, you'll need to undo the reconciled transactions one at a time starting from 2020. You can use this article for reference: Undo and remove transactions from reconciliations in QuickBooks Online. On the same link, you'll find a write-up that provides steps on how to make an adjustment as well as fixing beginning balances.

 

If you have other reconciliation questions or need assistance with anything else in QuickBooks, please update me by clicking the Reply button below. I'll be more than happy to help.

daxhenry73
Level 1

Uncleared Deposits

None of these deposits have actually cleared the bank account.

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