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K
KCSusann
April 3, 2025
Question

CC Account Clean Up

  • April 3, 2025
  • 1 reply
  • 0 views

Hello, I took over the books and the CC charges were never entered, rather just a payment made.  Vendor payments had to start being charged on a regular basis so I thought it would be a good time to get the account upto date.  My good intentions paved a road to HxLL.  Long story short, I started reconciling the account when I had a prior balance of $0. There are payments and entries dated years back showing when I do current reconcile.  My prior post helped me fix my issue, but now I have a negative balance.  How can I fix this issue without having to reconciliation all the input.  I have the receipts and records showing the account was paid to the date to which I started reconciling 8/31/24.  The accountant has closed the books for the prior years so I can't go back if I wanted to. Thank you!

    1 reply

    M
    MoiraskyeT
    April 3, 2025

    Hi,@KCSusann.

     

    To update the book accurately, please revisit the reconciled transactions starting 08/31/2024. Kindly ensure that the ending balance aligns with the balance shown on your credit card statement for that date.

     

    If there are discrepancies, it is required to undo the past transactions to get where the opening balance is correct.

     

    Since your accountant has closed the books for the year, QuickBooks will automatically adjust your income and expense accounts to zero at year-end. This allows them to begin the new fiscal year with a clean slate of zero income.

     

    After the books are closed for a fiscal year, new entries are typically not allowed. However, QuickBooks Desktop (QBDT) does permit transactions that alter the balance of the closed fiscal year. In doing so, QBDT will either advise against this action or prompt for the closing date password if one has been established.

     

    You will need to contact them to adjust your reconciled transactions. If you have primary admin access. You can delete the closing date and password, allowing you to correct any errors in the account and reconcile it once more.

     

    For guidance on addressing discrepancies between your QuickBooks Desktop accounts and bank statements after reconciliation, please consult this article: Fix issues when you're reconciling in QuickBooks Desktop.

     

    For future reference, you can consult this article to learn how to export reports in QuickBooks Desktop (QBDT): Export reports as Excel workbooks in QuickBooks Desktop.

     

    Never hesitate to reply to this post if you have additional questions about correcting books or any particular transaction. We'll be willing to lend a hand. Take care always!

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