My bank shows tax payments cleared on 9/30/24 but quickbooks shows it cleared 10/1/24. can you help so by checking account reflects correct balance?

Pebbles135 · ‎October 11, 2024

I paid my 9/30/24 payroll tax online via e-file. The total for several tax accounts was $13,018.80.
My bank shows the payments cleared on 9/30/24 but quickbooks shows it cleared 10/1/24.
Intuit did something and now my reconciliation report is now correct but my balance showing in Cash account does not reflect the payroll tax payments as of 9/30/24 so shows overage of $13,018.80 and Intuit can not fix since account was already reconciled.
So that my Cash account shows the correct amount, would this work to make this entry in Sept. and then reverse in Oct?
Credit cash $-13018.80
Debit Bank Clearing Account $13018.80
If so, what type of account is a clearing account?

GebelAlainaM · ‎October 11, 2024

To adjust your account balance, please redo the reconciliation to encompass the period when the transactions occurred, @ Pebbles135. Let's explore the details further below.

If you're certain that the E-payment dated 10/1/24 in QuickBooks Online corresponds to the one dated 9/30/24 on your bank statement, include it in your September reconciliation. To redo your reconciliation, first unreconcile each transaction using the steps below:

Go to the Gear icon, then select Chart of accounts.
Locate the account with the reconciled transaction, then select View Register.
Find the transaction. If the transaction is reconciled, you’ll see an R in the checkmark ✔ column.
Select the transaction to expand the view.
In the checkmark ✔ column, select the box with the R until the box is blank. This removes the transaction from the reconciliation.
Select Save and close the account register.

You can refer to this article for further guidance: Undo or remove transactions from reconciliations in QuickBooks Online.

On the other hand, a Clearing Account, also known as a Barter or Wash Account, is a general ledger used to transfer money between accounts when direct transfer isn't possible. It typically maintains a $0.00 balance, as amounts added are always removed. For more details, see the article: Set up a clearing account.

Furthermore, I've added these articles for fixes and guidance in case you encounter reconciliation issues and you want to export it in the future:

Keep me posted if you need clarification on managing your bank transactions and accounts in QuickBooks. I'm always here to assist you.

View solution in original post

GebelAlainaM · ‎October 11, 2024

To adjust your account balance, please redo the reconciliation to encompass the period when the transactions occurred, @ Pebbles135. Let's explore the details further below.

If you're certain that the E-payment dated 10/1/24 in QuickBooks Online corresponds to the one dated 9/30/24 on your bank statement, include it in your September reconciliation. To redo your reconciliation, first unreconcile each transaction using the steps below:

Go to the Gear icon, then select Chart of accounts.
Locate the account with the reconciled transaction, then select View Register.
Find the transaction. If the transaction is reconciled, you’ll see an R in the checkmark ✔ column.
Select the transaction to expand the view.
In the checkmark ✔ column, select the box with the R until the box is blank. This removes the transaction from the reconciliation.
Select Save and close the account register.

You can refer to this article for further guidance: Undo or remove transactions from reconciliations in QuickBooks Online.

On the other hand, a Clearing Account, also known as a Barter or Wash Account, is a general ledger used to transfer money between accounts when direct transfer isn't possible. It typically maintains a $0.00 balance, as amounts added are always removed. For more details, see the article: Set up a clearing account.

Furthermore, I've added these articles for fixes and guidance in case you encounter reconciliation issues and you want to export it in the future:

Keep me posted if you need clarification on managing your bank transactions and accounts in QuickBooks. I'm always here to assist you.

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My bank shows tax payments cleared on 9/30/24 but quickbooks shows it cleared 10/1/24. can you help so by checking account reflects correct balance?

My bank shows tax payments cleared on 9/30/24 but quickbooks shows it cleared 10/1/24. can you help so by checking account reflects correct balance?

My bank shows tax payments cleared on 9/30/24 but quickbooks shows it cleared 10/1/24. can you help so by checking account reflects correct balance?

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