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Anonymous
Not applicable

Reconciling an account after period has been closed

I am in the process of reconciling company's bank accounts and they have a LOC account that has not been reconciled since 2014.  The books are closed through 2016 year and the account shows zero balance in the register in QB.  How can I reconcile the account without affecting prior years ?

 

Thank you.

2 Comments
Level 7

Reconciling an account after period has been closed

Hi Alex,

 

If you a re using QuickBooks Online you can navigate to the Company Cog in the top right hand side of the screen and select account and settings. Under the advanced tab there is an option that says 'Close the books'. You will most likely find that this is ticked. Untick it and it will allow you to reconcile without this messasge coming up. However if you do make changes to transactions through the reconciliation screen this will change data in the system histroically. Unfortunately there is no way of avoiding this.

 

Kind Regards,

 

Emily

Anonymous
Not applicable

Reconciling an account after period has been closed

Hey @Anonymous,

 

As Emily said, you can change the closed account date to make any changes retroactively. However, this will impact your books and accounts from 2016 onward. This can get very complicated during tax season. 

 

Do you know who did the books before? They may have done the reconciliation by hand/outside the program from 2014 and not said anything. I'd check with them before making any permanent changes.

 

Also, if the account is showing $0 balance, does this mean that those charges entered from 2014 have already been balanced? Or we they never entered? 

 

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