Reconciliation Question: changing date in QBO to match when cleared by bank

Andrew Jones · ‎July 17, 2023

We have been using an outside accounting firm for a couple of months, and I just realized that they have been changing the dates in QBO for checks and deposits so that they match the date the transaction cleared the bank, if in a subsequent month. For instance, I wrote a check in QBO on 3/31/23, but it didn't clear until 4/3/23. The firm changed the date in QBO to 4/3/23. They do it every month. For smaller transactions, it doesn't make much of a difference, but I don't understand why they would keep doing it. Any input on the pros and cons would be appreciated.

Archie_B · ‎July 17, 2023

Hi there, Andrew. I'll share a few details about the advantages and disadvantages of changing the transaction dates in QuickBooks Online.

It's possible that your accounting firm is intentionally changing the check dates to make it easier to reconcile your bank account in QuickBooks. Keep in mind that your bank statement must always be the basis for reconciling transactions.

However, since the transaction dates have changed, this may have an impact on some of your financial reports wherein it will be based on the date the check has been cleared versus the date you created them.

I've included this article so you can read the entire guide to reconciling an account: Learn the reconcile workflow in QuickBooks.

Let me know if you have any further questions about the reconciliation process or other banking concerns. I'll be here to assist.

View solution in original post

Archie_B · ‎July 17, 2023

Hi there, Andrew. I'll share a few details about the advantages and disadvantages of changing the transaction dates in QuickBooks Online.

It's possible that your accounting firm is intentionally changing the check dates to make it easier to reconcile your bank account in QuickBooks. Keep in mind that your bank statement must always be the basis for reconciling transactions.

However, since the transaction dates have changed, this may have an impact on some of your financial reports wherein it will be based on the date the check has been cleared versus the date you created them.

I've included this article so you can read the entire guide to reconciling an account: Learn the reconcile workflow in QuickBooks.

Let me know if you have any further questions about the reconciliation process or other banking concerns. I'll be here to assist.

Andrew Jones · ‎July 18, 2023

Thanks for the input.

allyhsawtelle1 · ‎August 06, 2023

I have a similar issue. I have taken on a client whose previous accountant let the bank feed set the "check date" for items that cleared 7 - 10 days after the date paid per the check. When I am trying to reconcile, I cannot change the check date on the banking "review" screen. How do I fix this for the client's year end (6/30/23) so that their books are correct?

Rea_M · ‎August 06, 2023

Hello, Ally.

I know a way on how you can fix your client's year-end data to clear their books in QuickBooks Online (QBO). Let me elaborate this in detail below.

QuickBooks is dependent on the information that your bank transfers. They base their data on when your transactions get cleared from their system. That's why we're unable to change them once they download in the Banking menu's For review tab.

You can opt to exclude your downloaded transactions if you wish not to match them to your existing entries in QuickBooks. But please note that when you reconcile, we'll have to based it on your client's real-life bank statement. To exclude, here's how:

Go to Bookkeeping, select Transactions, then select Bank transactions or go to the Banking menu.
Choose the tile for the account you want to review.
Go to the For Review tab.
Select the checkbox of the transactions to exclude.
Select Exclude.

Once you're done, manually recreate all those you excluded (if you haven't already) with the correct date.

When everything is all set, reconcile your client's account. Please see this article for the complete guide: Reconcile an account in QuickBooks Online.

Also, I encourage you to reconcile your client's accounts in QBO regularly (every month). This helps monitor their income and expense transactions and detect possible errors accordingly. You may want to check out this article as your reference in doing and fixing reconciliations in QBO: Learn the reconcile workflow in QuickBooks.

I'm all ears if you have other banking and reconciliation concerns in QBO. You can drop a comment below, and I'll gladly help. Take care, Ally.

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Reconciliation Question: changing date in QBO to match when cleared by bank