cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
NEW Connect to DBS IDEAL direct bank feeds Click here
DylanHouse
Level 1

Reconcilliation- major differences

Hi, I've been using quickbooks (poorly) for about 4 years.  In this time, I have not once preformed a reconcillation.  Im trying to tune everything up in my quickbooks, and have adjusted my chart of accounts among other things. Now it comes to reconcilling accounts. There is a nearly 35,000 dollar differnece between my actual bank balances and my quickbooks account balances.  Also, I have about 250,000 dollars in 'undeposited funds'.  In real life, my undeposited funds are maybe a couple hundred bucks.  So what do I do to fix this? Thanks! 

1 Comment 1
JoesemM
Moderator

Reconcilliation- major differences

Welcome to the Community forum, @DylanHouse.

 

You'll have to review and deposit the transactions from your Undeposited Funds first before you reconcile your account. This way, it will match your bank records.

 

All payments in the Undeposited Funds account automatically appear in the Bank Deposit window. To make a bank deposit, you can follow the steps below:

 

  1. Select + New.
  2. Select Bank Deposit.
  3. From the Account ▼ dropdown, choose the account you want to put the money into.
  4. Select the checkbox for each transaction you want to combine.
  5. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
  6. Select Save and close or Save and new.

 

For more details, see this article: Record a bank deposit and combine the payments in QuickBooks.

 

Once everything is match and categorise, you can now perform a reconciliation. Here's how:

 

  1. Select Accounting from the left menuthen Reconcile.
  2. Click Get started to continue.
  3. From the Account ▼ dropdown, select the account you want to reconcile. Make sure it's the same one on your statement.
  4. Review the Beginning balance and enter the Ending balance with the Ending date on your statement. 
  5. Once ready, select Start reconciling.

 

For additional information, you can refer to this article: Reconcile an account in QuickBooks Online.

 

Also, I'm adding these article that explains undeposited funds and how to fix issues upon reconciling:

 

 

Let me know if there's anything else I can do for you. Just leave a comment for me or mention my name. Have a blissful day!