Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

Reconciling account

Why does the previous balance show in the cleared balance when I start to reconcile?

Solved
Best answer April 28, 2020

Best Answers
QuickBooks Team

Reconciling account

Good morning, @dmh48.

 

Thank you for reaching out to the Community. I hope you're enjoying this beautiful day so far.

 

The cleared balance is the beginning balance of the reconcile, and this number will change as you check off transactions until the difference is $0.00. The goal is to make sure your cleared balance "beginning balance" matches the ending balance, "which will be your new beginning balance." Allow me to explain more below.

 

2020-04-28 08_28_31-Window.png 2020-04-28 08_29_10-Window.png

 

In the first image above, you'll see that the beginning balance in my test account is $238,625.29. This means that in my last reconcile, I authorized and cleared this balance. Or if this were my first reconcile, this would mean that this is what's on my bank statement and I know its correct.

 

In the second image, you'll see my cleared balance "my beginning balance of this reconcile because I know that I've cleared this amount in my previous reconcile" you'll notice that my ending balance is $252,625.29. That's a difference of $14,000. Any transactions that you check off will decrease the difference so that you're increasing the cleared balance to match the ending balance.

 

For more details about reconciliations in QuickBooks Desktop, check out: Reconcile an account in QuickBooks Desktop.

 

Please do let me know if you have further questions or concerns. I'll be here every step of the way. You can always reach out to the Community or me anytime you find you need a helping hand. Take care!

View solution in original post

3 Comments
QuickBooks Team

Reconciling account

Good morning, @dmh48.

 

Thank you for reaching out to the Community. I hope you're enjoying this beautiful day so far.

 

The cleared balance is the beginning balance of the reconcile, and this number will change as you check off transactions until the difference is $0.00. The goal is to make sure your cleared balance "beginning balance" matches the ending balance, "which will be your new beginning balance." Allow me to explain more below.

 

2020-04-28 08_28_31-Window.png 2020-04-28 08_29_10-Window.png

 

In the first image above, you'll see that the beginning balance in my test account is $238,625.29. This means that in my last reconcile, I authorized and cleared this balance. Or if this were my first reconcile, this would mean that this is what's on my bank statement and I know its correct.

 

In the second image, you'll see my cleared balance "my beginning balance of this reconcile because I know that I've cleared this amount in my previous reconcile" you'll notice that my ending balance is $252,625.29. That's a difference of $14,000. Any transactions that you check off will decrease the difference so that you're increasing the cleared balance to match the ending balance.

 

For more details about reconciliations in QuickBooks Desktop, check out: Reconcile an account in QuickBooks Desktop.

 

Please do let me know if you have further questions or concerns. I'll be here every step of the way. You can always reach out to the Community or me anytime you find you need a helping hand. Take care!

View solution in original post

Level 1

Reconciling account

I have a client where there credit card transactions haven't been entered since August 2020. What has been entered from previous is so messed up they want to start over. How do I delete all the charges, and reconciliations?

QuickBooks Team

Reconciling account

Hello, JE Bookkeeping.

 

I'd be glad to help you correct your client's reconciled transactions and credit card charges. 

 

First, you'll want to undo those previous reconciliations. Then, delete those credit card charges. Finally, re-enter them correctly then reconcile your account. Before doing this, I recommend creating a backup copy for your company file first. 

 

Undo the previous reconciliations:

 

  1. Click the Banking menu.
  2. Select Reconcile.
  3. Choose the account that you want to undo the reconciliations from under Account.
  4. Click the Undo Last Reconciliation button.
  5. On the pop-up window, click Continue.

 

undorecon1.PNG

 

Deleting the charges: 

 

  1. Go to the List menu, then choose Chart of Accounts.
  2. Find and open the credit card account's register.
  3. Right-click on the charge or transaction.
  4. Choose Delete Credit Card Charge.
  5. Do this until you've deleted all of the incorrect credit card charges.

 

undorecon2.PNG

 

After deleting the charges, you can start re-entering them again with the correct details and workflow. Please check this article for a guide on how to do this: Set up, use, and pay credit card accounts.

 

Finally, you can start reconciling those charges or transactions from August 2020 and onward. 

 

Alternatively, you and your client can start over again if the company file was created in early 2020 (and with a few transactions entered). This article can guide you in creating a new company file: Create a QuickBooks Desktop company file.

 

I'd recommend reading our articles here for guides and tutorials on how to handle transactions and processes in QuickBooks Desktop. You can also share them with your client in case they need help as well. 

 

I'd be more than willing to offer assistance again if you have other questions for QuickBooks Desktop. Post the details here or create a new thread and I'll be right there with you. 

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us