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Community Contributor *

Prior period uncleared credit card transactions to be cleared and current year register errors

My client's credit card register is full of errors both current period and prior period:

1.  prior period - uncleared transactions.  I have seen guidance to prepare a reversing entry and then clear the transactions in the register, but I could use some additional clarity on this process.

2.  current period - there are errors such as transactions on the statement not in QB and duplicate transactions in the register that don't agree with the statement, and all the accounts have already been reconciled (improperly)

 

My thought is to take care of prior period uncleared transactions first, and then undo current period reconciliations, enter corrections to register and redo current period reconciliations.  

 

I sincerely appreciate any advice.  Thank you!

1 Comment
QuickBooks Team

Re: Prior period uncleared credit card transactions to be cleared and current year register errors

I’m glad to see you in the Community space, whodatmamma.


I can help ensure both your prior and current periods credit card transactions are correct so they won’t throw off your records.


If the reversing entry doesn’t affect the opening balance, you can continue with entering it in QuickBooks. However, if it’ll change your records, undo the reconciliation for the prior period to correct your books.

 

Here's how:

 

  1. Go to the Gear icon at the top, select Reconcile.
  2. Select History by Account at the top. This will display the History by Account page.
  3. Choose the account and report period you’re working on.
  4. Find the report, based on the Statement Ending Date.
  5. In the Action column, select the drop-down arrow and choose Undo.
  6. Review the confirmation pop-up and select Yes to proceed.
  7. In the final confirmation window, select Undo.
  8. Click on OK.

To visually guide you through the steps, click on this article: Undo a reconciliation using QuickBooks Online Accountant.

 

In regards to the current period, you can also perform the same process to straighten out your books.

 

Since you're reconciling, I added a link for more information about the reconciliation process.

 

That'll do it. After performing these steps, you can start reconciling your client's account on a  clean slate.

 

Keep me posted if you have additional questions about working in QBO. I'll be glad to answer them for you. Have a great day ahead.

 

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