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LLars
Level 2

Moving an expense

I need to move an expense from January back to December.  My plan is to just open that expense and change the date. This expense came out of my checking account. 

 

My concern is that I've already reconciled my checking account for both December and January.  If I don't change the amount and just move the expense back to December, will I run into any major issues when I reconcile my checking account at the end of February?  I'm assuming I will just see that same transaction just now unreconciled back in December.  And if I select it, it would then balance out my reconciliation for February.  Is that correct?  Or is there a different way to move this expense that I should consider. 

 

Thank you in advance!

Solved
Best answer February 14, 2022

Best Answers
JessT
Moderator

Moving an expense

Hi LLars,

 

Thank you for consulting the Community before changing the date of your expense. I'll share information about the effects. I'm just wondering how you were able to reconcile if one transaction has an incorrect date though. 

 

Yes, you're right. You can replace a December date on the expense, but if your books last year were already closed, you'll be prompted about it, and you may need to enter your closing-date password if you've set it. You'll also receive a prompt saying the expense was reconciled but just confirm your changes.

 

Other effects include the following:

 

  • Your December reconciliation report will show a discrepancy saying the expense was added to December.
  • Your reconciliation report in January will have a discrepancy that says the expense was removed and is added to December.
  • Your last year's Balance Sheet and Profit and Loss will report the expense.

 

You can undo and re-reconcile your transactions in December and January so you get new reconciliation reports. The old ones with reported changes will still be kept in your records. 

 

Un-reconcile each transaction to redo your reconciliation:

 

  1. Go to the Gear icon and select Chart of Accounts.
  2. Find your checking account and select View register
  3. Click each transaction dated December and January.
  4. Repeatedly click the box with the letter R (reconciled) until it becomes blank or has C (cleared), then Save.

 

About your other question, as long as the expense is in a reconciled status, your beginning balance in the February reconciliation, which is the ending balance in January, will still be the same.

 

I'll keep an eye on your post, so I won't miss any additional questions you may have. Take good care always!

View solution in original post

1 Comment 1
JessT
Moderator

Moving an expense

Hi LLars,

 

Thank you for consulting the Community before changing the date of your expense. I'll share information about the effects. I'm just wondering how you were able to reconcile if one transaction has an incorrect date though. 

 

Yes, you're right. You can replace a December date on the expense, but if your books last year were already closed, you'll be prompted about it, and you may need to enter your closing-date password if you've set it. You'll also receive a prompt saying the expense was reconciled but just confirm your changes.

 

Other effects include the following:

 

  • Your December reconciliation report will show a discrepancy saying the expense was added to December.
  • Your reconciliation report in January will have a discrepancy that says the expense was removed and is added to December.
  • Your last year's Balance Sheet and Profit and Loss will report the expense.

 

You can undo and re-reconcile your transactions in December and January so you get new reconciliation reports. The old ones with reported changes will still be kept in your records. 

 

Un-reconcile each transaction to redo your reconciliation:

 

  1. Go to the Gear icon and select Chart of Accounts.
  2. Find your checking account and select View register
  3. Click each transaction dated December and January.
  4. Repeatedly click the box with the letter R (reconciled) until it becomes blank or has C (cleared), then Save.

 

About your other question, as long as the expense is in a reconciled status, your beginning balance in the February reconciliation, which is the ending balance in January, will still be the same.

 

I'll keep an eye on your post, so I won't miss any additional questions you may have. Take good care always!

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