cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Credit card accounts have not reconciled for years

I have a client who  already had the company tax filed in 2018. Now I'm working on their book for 2019. There are few credit card accounts that have not been reconciled, beginning balance is incorrect, I can’t go back to fix 2018 to fix tra

1 Comment
Highlighted
Moderator

Credit card accounts have not reconciled for years

Good day, @NNT,

 

There are a few reasons why the bank statement differs with the QuickBooks balance. To fix them, here are some articles you can refer to:

Please note that during reconciliation, the bank statement should match the transactions in QuickBooks. It is important to make sure that all previous period are properly reconciled in QuickBooks to reflect the actual books of the client.

 

If you are using QuickBooks Online Accountant, you have the option to undo a clients reconciliation to make corrections. See this link for the instructions: Undo a client’s reconciliation in QuickBooks Online Accountant

 

You can also do a manual reconciliation for those unreconciled entries. The steps are simple. Follow these steps to mark a transaction as reconciled:

  1. From the left navigation panel, select Accounting menu then go to Chart of Accounts.
  2. Locate the account and select View register to reveal the transactions.
  3. Run through the list until you find the adjusted amount, then go to the status column indicated with a check mark on the header.
  4. Click on it multiple times until it shows a letter R. This status means that the transaction is included in the reconciliation.Check

This Community guide has all the information about manually undoing a reconciliation: Undo and remove transactions from reconciliations in QuickBooks Online

 

Please note that the ending balance of a reconciliation becomes the beginning balance of the following period. Every adjustment made to a previous reconciliation that changes the register's balance requires reconciling the following period again.

 

Check out our Banking Resource Center for tips on how to manage your bank transactions: Banking Center

 

I'd like to know how it goes, as I want to ensure this is resolved. Feel free to message me back. Have a great week ahead!

Need to get in touch?

Contact us