Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
S
SOLSK8S
October 12, 2021
Solved

Reconciliation and reports

  • October 12, 2021
  • 1 reply
  • 16 views

I know I have duplicate transactions, and probably a thousand transfers between the 4 bank accounts and 2 credit cards I'm keeping track of, but I can account for everything and still reconcile the accounts. However, I am afraid to delete potential duplicate transactions (which many are the unchecked transactions in the account reconciliation). If I don't delete these entries after reconciliation, will my Profit and Loss statement reflect the erroneous data and duplicates, or only those that I have matched with the bank and credit card statements?

Best answer by Charies_M

**then, not than


Let me address your follow-up question, SOLSK8S.

 

Once a transaction is in your books as opposed to bank feeds which are pending and For Review, then if it is income or expenses it will be in Profit and Loss (P&L). Reconciliation has nothing to do with P&L.

 

Here's a guide for instructions on how to fix common issues when reconciling: Fix beginning balance issues if you've reconciled the account in the past QuickBooks Online.

 

In addition to that, you visit these links about reconciliation in QBO:

I've also added our page about reports and accounting that I'm sure you'll find helpful. It contains related articles related to the accounting process and reports.

Should you have anything else you'd like to go over while reconciling, feel free to reach out to us again. I'm always here to assist you further.

1 reply

C
ChristieAnn 11
Level 9
October 13, 2021

Hi there, SOLSK8S.

 

Thank you for visiting the QuickBooks Community. I'll be sharing some details to ensure that you reconciled your account correctly and make sure your data in QuickBooks Online stays accurate. 

 

When you have your bank statement in hand, you'll compare each transaction with the ones entered into QuickBooks. If everything matches or your accounts are balanced and accurate, you'll have to reconcile your checking, savings, and credit card accounts to avoid discrepancies.

 

Since you have duplicate transactions showing on the reconciliation page, I suggest deleting them to fix the difference. This is to prevent any reconciliation issues and for the accurate data to reflect in the Profit and Loss statement. Beforehand, I suggest consulting an accountant to help you properly organize or determining if the specific entry should be deleted. 

 

To remove transactions in your account, you'll have to go to the Register page. 

 

Here's how:

 

  1. Click the Accounting menu on the left panel.
  2. Choose Chart of Accounts.
  3. Select the specific account and select View register in the Actions column.
  4. Select the Filter icon. Then, choose the filters you want you to apply. You can use the Find field to search by amount, reference number, or memo.
  5. Choose a particular entry that might duplicate and click it.
  6. Select Delete.
  7. Click Yes to confirm.

 

For further details on how you can use the account registers page to make any changes to your transactions, you can click this article: Find, review, and edit transactions in account registers.

 

On the other hand, if you'll not delete those duplicate entries after reconciliation, your Profit and Loss statement displays erroneous or incorrect data.

 

Additionally, I'm adding this article to see different guidelines that will help you fix any reconciliation errors: Learn the reconcile workflow in QuickBooks.

 

If you require more help with managing your transactions or reconciliation in QuickBooks, just let me know and I'm always here to help.

S
SOLSK8SAuthor
October 13, 2021

As I suspected, when I deleted what I thought were duplicate entries for bank transfers, they were linked to other bank accounts and what was a balanced reconciliation is now off, giving me extra steps of having to undo my deletions. 

I do not need help allocating expenses or tracking transfers, I just need to know if ALL of transaction entries are used in the P & L or just those matching the bank statements, reconciled and marked with R. If only entries marked with an R show up in the P& L report, than that would be great. 

Thank you.

S
SOLSK8SAuthor
October 13, 2021

**then, not than

Need QuickBooks guidance?
Log in to access expert advice and community support instantly.
Terms & ConditionsAccessibility statement