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mikelu9661
Level 3

Reconcile Questions

Hello,

I have some inventory expense that i recorded back in 2019 in QBO because these inventory are carrying over to 2020 to sell, therefore to make things easier instead of recording every transaction in 2019, i only recorded what's needed/still active in inventory wise. My question is if i rcord without matching those 2019 transaction & just reconcile after confirming its in the right bank account/correct amount/date charged in 2019, can i just "R" reconcile it so I can balance what's being recorded balance, or that wouldn't work. As only a good 20% of the inventory is from 2019, I have no reason to bring in the whole year & record all data from 2019 when taxes is alraedy done. FYI i also just started using QBO in 2020 thats why i didn't have anything from 2019 recorded.

 

Just trying to find the best accurate way to bring down the balance to match whats in QBO & the bank & time consume. Everything 2020 will be perfect, bank feed is also only pulling from 2020, I just have to record 2019 COGS so when it sold there's an expense taken out.

1 Comment
KathyS296
Level 4

Reconcile Questions

This question needs more clarity. What are you trying to reconcile? How did you record inventory expense? How do you handle the entry for the purchases?

 

I'm guessing here, but it sounds like you are expensing items on purchase and wish to move them to inventory at the end of the year. If that is the case it has nothing to do with any reconciliation - it is a reversing journal entry at the end of the year.

 

Please mark this as solved when you have an acceptable solution so it will be moved from the unanswered questions list.

Kathy  

 

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