Bank reconciliation question

AccountingBG · ‎November 12, 2024

We wrote a check in July which never cleared. 90 days later, we received a refund check. I attempted to record/match both the original written check and the separate return of funds transaction in QBO. However, when I went to reconcile the current month's bank statement, the following message appeared: "Your account is not ready to reconcile yet. Your beginning balance is off by" the amount of the check (the beginning balance is now higher than the bank statement's). There is also an offsetting transaction for the same amount in the current month. So, in total they offset, but the two periods have differences. What do I do to fix this?

MorganB

Welcome to the Community, AccountingBG.

You've come to the right place for assistance. I'm happy to point you in the right direction to get this recorded in your QuickBooks Online account.

In this instance, I recommend checking out a new service from Intuit called QuickBooks Live Expert Assisted. With this program you can connect with live accountant agents who will be able to walk you through the steps to get this recorded correctly in your account based on your unique business setup and workflows. The following link contains additional info: QuickBooks Live Expert Assisted

If you need an extra hand with the entry, please feel free to reach back out. The Community is also a great place to find out what other QuickBooks users have done in similar situations. I'll be here if you have any other questions.

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