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Active Member

Starting new Fiscal Year with Correct Balance

We closed last FY with balance that was not matching bank account.  

Want to start new FY with balance matching bank account but already ran a Reconciliation for one month into new FY.  How do I start over with correct balance from the start?

1 Comment
QuickBooks Team

Re: Starting new Fiscal Year with Correct Balance

Hi there, Italy2020.

 

You can create an adjustment of the discrepancies to have a correct balance on the new fiscal year. To identify the discrepancy, you can run the Reconciliation Discrepancy report.

 

Here's how:

  1. Click Reports on the top menu.
  2. Choose Banking.
  3. Click Reconciliation Discrepancy.
  4. Choose the appropriate account, then select OK.
  5. Review the report to identify any discrepancies.

Once you identified the discrepancies, create a reconciliation adjustment. You can also contact your accountant if you need further assistance on the corrections.

 

For your guidelines on how to fix reconciliation discrepancies, you can check out this article: https://quickbooks.intuit.com/community/Help-Articles/Fix-Reconciliation-Discrepancies/m-p/201285.

 

Feel free to leave a comment to this post if you have more questions. I'm here to help.