Reconciling A/R and A/P in QBOA

I understand how important it is to balance your account, Shirley. I'll share information on how the reconciliation process works in QuickBooks Online (QBO). 

Yes, you're correct that QBO won't allow the reconciliation of Accounts Receivable (A/R) and Accounts Payable (A/P) accounts. This process is for making sure that your bank or credit card account's balance matches your real-life financial institution statements. Since A/R and A/P accounts are not bank or credit cards the Reconcile button won't appear. 

For reference, check out this article: Reconcile an account in QuickBooks Online.

I also added this helpful resource that you can use as a guide in case you need to review or edit transactions for each account: Find, review, and edit transactions in account registers in QuickBooks Online. 

QuickBooks Community is open 24/7 if there's anything else you'd like to know or ask about performing the reconciliation process. Please don't hesitate to post here again. I'd be willing to provide additional assistance to achieve your goal.

Thanks for the reply.  I understand how to reconcile accounts.  I'm disappointed at the limitations of Quickbooks Online, which I'm forced to use due to others needing to login to it. 

I'd hoped there was a workaround for this, outside of dumping the data in excel and creating my own manual reconciliation of other balance sheet accounts.

Checking back on this issue.  I was able to reconcile receivables and payables in the Desktop version of Quickbooks and reconciling balance sheet accounts is important to my close process.  

I've seen updates to QBO recently and wondered if the ability to reconcile all balance sheet accounts, including receivables and payables, will be made available.

Thanks,

Shirley

Thanks for taking the time to get back to us, Shirley.

I understand the importance of reconciling balance sheet accounts, including receivables and payables, for accurate financial records.

QuickBooks Online (QBO) offers reconciliation for various balance sheet accounts like banks, credit cards, and select assets and liabilities. However, direct reconciliation of accounts receivable and payable is unavailable.

We understand your need for functionality and would love to hear your thoughts by sending us feedback on your QuickBooks Online company. It enables our product developers to consider adding it in the future.

Here's how:

1. Go to the Gear menu and then select Feedback.
2. Type in your feature request in the description box.
3. Once done, click on Next.

You may consider using a third-party app to reconcile accounts receivable and payable in QuickBooks. You can find one by visiting this website: https://quickbooks.intuit.com/app/apps/home/.

Additionally, you can manually reconcile accounts receivable and payables by comparing report totals with your balance sheet. I'll guide you on how to do it:

1. Go to the Reports menu.
2. Type either Accounts Receivable Aging Summary or Accounts Payable Aging Summary report in the search bar.
3. Compare the data.
4. Manually adjust any differences by reviewing individual invoices and payments. 
5. Review bills and payments to reconcile discrepancies manually.

Furthermore, I've included an article to help you balance your accounts in QuickBooks, ensuring they match your real-life statements: Learn the reconcile workflow.

Moreover, you can explore viewing, printing, or exporting a reconciliation report for further reference.

Let me know if you need more help reconciling transactions in QuickBooks. I'm always here to help. Have a good one!

Is there any info on this, then?  Or not?

Hello there, Shirley.

While we can't speak on behalf of our product developers and don't have a specific timeframe for when the feature will be available. We encourage you to send feedback. To do so, you can follow the steps I've given above.

Additionally, you can check this link about unreconciling individual transactions from a completed reconciliation: Undo or remove transactions.

Don’t hesitate to post again if you have other concerns about reconciling accounts. I'm always here to help. Take care.

Balance sheet reconciliation has been a standard accounting practice for many decades, though it has evolved over time. Here are some key points about the history and development of balance sheet reconciliation as a standard practice.

Balance sheet reconciliation emerged as an important accounting practice in the early 20th century as businesses grew larger and more complex. However, it became more formalized and widespread in the mid-20th century. By the 1960s and 1970s, balance sheet reconciliation was widely recognized as a critical accounting practice.  It is now 2024 and QuickBooks is still lacking the functionality to reconcile all balance sheet accounts.   This feature needs to be available ASAP.

I COULDN'T AGREE MORE.  I can't believe  that such a basic function is not available.

But there are other basic things I need form QBOA that aren't available, so why should I be surprised.

Thank you for your reply.