RECONCILING TO MATCH GENERAL LEDGER

bkkppr · ‎December 05, 2019

Please help. I'm going over last fiscal year in preparation for audit. Our fiscal year ends 9/30. My general ledger balance as of 9/30 must match the reconciled balance for the 9/30 statement. We had a paycheck that fell on 10/1/2019. I have to send direct deposit one day in advance for it to hit the employees' accounts by the paydate. ..... Which means the funds for that payroll are showing as a debit on September statement, not October. I can't change the paydate because that will throw off my quarterly reports and tax payments and I cant reconcile my statement without showing the payroll debit. What can I do?

katherinejoyceO · ‎December 05, 2019

Hi there, @bkkppr.

I'm here to help make sure you're able to reconcile your general ledger transactions with your September bank statement.

To reconcile your September transactions, I'd suggest you adjust the ending balance of your statement as you enter it in QuickBooks. Then, skip the payroll transactions or unselect them to make sure you'll get the $0.00 difference between your statement and QuickBooks.

Just take note of the payroll transaction so you can select them when you're ready to reconcile for October.

I have articles about reconciliation that you can use as reference in the future:

Let me know if you have any follow up questions about reconciling uncleared entries. We're always around here to help.

bkkppr · ‎December 06, 2019

Thank you very much. I figured it would be something simple that I'm just not considering. That makes sense and I will try that. I will just make extensive notes and include them with my reconciliations and bank statements. I appreciate the help.

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