When first setting up my ‘business’ for class, I entered Machinery & Equipment but I’m guessing I set it up wrong because the amount only shows up under Fixed Assets:Fixed Assets. So I’m guessing that’s why the Machinery & Equipment Depreciation isn’t offsetting the value. My Retained Earnings is off by the depreciation amount. Question: how do I correct this? I tried to change it but got a message that it’s already been reconciled so it’ll affect accounts if I make changes. Not sure what to do.
Welcome to the Community space, Student7.
Let me give some info on how you can correct the transaction.
Before doing so, please consult with your accountant if you're unsure about making any changes on the past reconciled transactions. The process can get tricky and they know how to handle the next steps. Don't have an accountant? We can help you find one.
To undo the previous reconciliation, you can follow the steps below or if you have invited an accountant into your account, you can ask them. They can undo the entire reconciliation for that specific period.
Once done, you can reconcile the account again.
To learn more about the fixing the past reconciliation and how you can undo them, please check out these articles:
Please keep us posted on how things go after correcting the transactions. We're always around to help you out again. Take care and stay safe.
Hi there, @Zachary7033.
Have you already followed the steps provided by my colleague above? You can invite your accountant to undo your entire reconciliation. This way, you can make changes to your past reconciliation.
Reach out to me again for any other reconciliation or QuickBooks concerns. I’ll get back to help and make sure you’re taken care of. Have a good one.