Solved

Reconciling Issues

Forum|Forum|3 years ago
February 24, 2023
2 replies
9 views

I had a few payments that were made at the end of December, but they did not post to the account until Jan. I am trying to solve a few issues:

1. How do I fix it to show the expense in December instead of January?

2. Once I do this, how will I be able to reconcile my bank account for Dec and Jan since those transactions will fall in different months then what the statement shows?

QuickBooks Online

Best answer by person13

Thank you for reply. The expense was billed in December and posted in January. That being said, there was no actual bill created in the system in December, I just set-up a payment transfer from my bank in December and it posted to my account in January. There is no record of my sending a payment in December. Does that make sense? Maybe I need to create a Bill in the System for December to show this expense. Any thoughts?

I figured out a way to fix the issue. You need to create a "new expense" for December and when the payment comes in in January, it is automatically associated with that expense. The books tie out and the bank statements do as well. Thank you for the help.

K

Kim0926

My profit and loss statement does not reflect the proper total income. I would like assistance in resolving this issue.

L

lin_jcaj

Level 9

Hello, person13. I have some insight to share about reconciliation in QuickBooks Online.

The correctness and validity of your financial data are guaranteed by reconciling your account. Once you obtain your bank statement, you must compare each transaction in QuickBooks with what's recorded on your actual bank.

You'll have to follow what's cleared from your bank and which was left uncleared when you reconcile.

The following resources can help you with account reconciliation and fix issues:

Do not hesitate to post again if you require any additional clarifications regarding the QBO reconciliation process. I'm still available to help.

P

person13Author

Thank you for the response. I actually feel comfortable with reconciling my accounts with bank statements but the challenge I am having is that I have two expenses that were paid in December, but posted in January. I need those two expenses to show up in my December P&L. There are two issues I need help with.

1. How do I make those expenses that were paid in Dec and posted in Jan, show up in the P&L for Dec

2. If I change those dates, my statements will not reconcile with my transactions. How do I resolve this?

Thank you for your help.

R

ReymondO

Moderator

Hey there, @person13.

Thanks for getting back to this thread.

You don't need to change your dates in QuickBooks Online (QBO). We should record the transaction based on what happens in real life.

Since the payment was posted before the bill, we can customize the P&L report to reflect this data. Simply change the Accounting method to Cash basis to show the bill payment on the report.

Here's how:

Go to Reports and open the Profit and loss report.
Customize the report, then filter its report period to December.
Change the Accounting method to Cash.
Click Run report.

If you need further help in fixing your records, I'd suggest reaching out to your accountant. They can provide you with further guidance in making sure your book is accurate.

Financial reports in QuickBooks give you tons of great info about your business. Filter them to show specific accounts or customers, or format the layout so the right data shows up in the right place. Here's a quick guide on how to customize reports and focus on the details that matter the most to you.

Should you have any follow-up questions or concerns, don't hesitate to post again or leave a comment on this thread. We're always here to help you out.

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded