I am new at this company, and it seems that for the past 2 years they have been manually reconciling the bank accounts. How I am dealing with incorrect amounts when it comes to trying to reconcile the bank accounts. The G/L matches to the statement for the new fiscal year but unfortunately the balance is difference. How might I be able to correct this
I know it can be a bit of a challenge taking on a set of books that someone else has been working on. This can be especially challenging with QuickBooks Desktop if the previous person wasn't using the in-product tools, such as for reconciling, to take care of various tasks. It's important to me that the books are in balance and you're able to reconcile as needed and I'm here to help.
One of the great things about QuickBooks Desktop is the program gives you the tools to reconcile and undo a reconciliation as needed. There is troubleshooting you can try when the balances don't seem to be lining up, but when all else fails, one of the most effective ways to make sure numbers are correct is to undo the reconciliation to a point where the balances are correct and then move forward again.
First, I'll leave you with this article about troubleshooting: Fix issues when you're reconciling in QuickBooks Desktop
If that doesn't work, this case is going to be a matter of manually changing the status of the transactions rather than undoing it like I mentioned above. Since the previous person managing the books didn't use the reconcile feature, using the steps to undo the reconciliation will not work. Instead, follow these steps.
Once you've gone through all the transactions, now you can go through the process of reconciling using the reconcile feature. This article can walk you through the process if you're not familiar with it: Reconcile an account in QuickBooks Desktop
With these steps, I'm confident you'll be able to sort this out. Don't be afraid to get back in touch if you have more questions.
Have a great weekend!
Thank you for this information.
But I am wondering if there is a way that I might be able to leave the past reconciles alone, and start new.
The year end was just in October, so the books going forwarded are mine. I would like to start off with the months where I have been here.. So from what I see, the person before reconcile manually, and has all documents together. So its just the current where I need to adjust the opening balance to match my statements.
I hear what you're saying and I want you to take the best steps for you. In this case, making adjusting entries to fix the balances may be the way to go, but I recommend touching base with an accountant or bookkeeper to make sure this option will work out as you need it to. This article may be able to help you with the process as well:
If your company isn't already working with an accountant, you can use the Find an Accountant page to connect with someone with QuickBooks certifications. It's a great option that gives you the confidence of knowing you have an accountant on your side as well as someone that understands the program.
I'm here if you need anything else. :)