Attempted to reconcile the petty cash account today but I found it has never actually been reconciled. It has transactions entered back to 2013, and the last payment to the account was in June 2018. When I clicked on Mark All and unclicked that last deposit, it actually reconciled.   I didn't click Reconcile Now, but is that what I should do? And then, how do I handle it from there? There are no entries since that June 2018 deposit. The current amount of petty cash available is much less than that deposit, but there are no records of how the funds were spent.   I came on board in January and have been keeping track of the account, but how do I reconcile with that 8 month gap? If I reconcile the old transactions (2013-2018), the new beginning balance would be equal to the deposit in June 2018. Would I then show the current petty cash balance as the ending balance? And how do I account for the complete lack of information as to how the funds were spent? As always, would appreciate any advice. And thanks for your patience... ... View more

There are some journal entries sitting in a particular vendor account. The account is the credit card-as-vendor and it looks like there was some confusion over entering the actual payments on the card and an entry was done to correct it. The credit card account itself was reconciled successfully, as was the checking account from which the payment was made, but there are 2 entries I can't figure out what to do with. When I click on the vendor name in the Vendor Center, the amount of the entries show as balance.  Entries are as follows: They debit the actual credit card and credit the Accounts Payable. The Accounts Payable line shows the cc-as-vendor under Name. How do I clear these so that the vendor shows a $0 balance?    ... View more

This is a bit complicated so I hope I explain it correctly, and I apologize in advance if I don't.   I recently started working at a new place and have been bringing the bank recs up to date. The procedure for recording payroll is as follows:  Direct deposits are initiated at the bank on a Thursday but are entered into the QB payroll account with the following Monday's date. A transfer of funds is also initiated that same Thursday, from the operating account to the payroll account to cover all paychecks.   The complicated part: while the paycheck/direct deposits are actually funded from the payroll account (a totally separate bank account and QB company file), they are recorded in QB in the operating account (for informational purposes I imagine). The problem is they don't actually clear from the operating account. What shows on our bank statement is the total funds transfer, which corresponds to all the paychecks entered, so it's a wash.   Here's the more complicated part... there was a funds transfer on January 31st, and it covered the payroll which was entered into QB as 02/04/19. The statement closes on 1/31/19; so the transfer appears, but there's nothing to apply against it and I won't be able to reconcile.  Is it just a matter of having to change the paychecks' dates? I can't reconcile items dated after the statement closing date, can I? ... View more