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A
Allisha-Jones
March 12, 2024
Question

Chart of Accounts Balance is very incorrect

  • March 12, 2024
  • 1 reply
  • 0 views

I started working with a technical assistance firm that pointeds out that all my payroll was showing up in an "Unspecified" column when they ran reports and so to place the payroll entries in the correct columns, I undid all the catagorized transactions for payroll for the entire year of 2023 one by one (took 9 hours), verified the correct classes (Assigned them to the correct grants) and amounts and resaved. NOW my chart of accounts balance is WAY up there. My question is, now when i look at the transactions I placed in the right columns, they no longer have the "R" by them for reconciled, they have "C' for cleared. I have attached a screenshot. Can you tell me if I need to undo all my recolcilliations for 2023 to fix this issue? Because as you can see, some transactions for payroll did not unreconcile...it has added a quickbook balance of over $200,000 more than the bank balance. Or is there a report I can run to see where all that money came from?

1 reply

A
Allisha-JonesAuthor
March 12, 2024

I guess I should say, I moved them from the ACCOUNT of Uncatagorized and placed each one in the PAYROLL EXPENSES account where they should be and now they are no longer reconciled.

R
Rasa-LilaM
March 12, 2024

Thank you for visiting the Community, Allisha.

 

Ensuring the proper tracking of payroll entries is vital to maintaining the accuracy of your financial records and payroll information. I'm here to guide you on how to handle your concerns effectively.

 

Based on the given scenario, we'll have to undo your previous reconciled entries to start fresh. After that, map your payroll items to the appropriate category to keep your data in order. Then, reconcile your transactions. 

 

If you use QuickBooks Online (QBO), Accountant, utilize the Undo Reconciliation feature to easily unreconcile previous data without having to edit each transaction in the register. Otherwise, you'll have to unreconcile the transactions one at a time.

 

Here's how:

 

  1. In your company, navigate to the Transactions menu on the left panel and choose Chart of accounts.
  2. Find the account you're working on and click the View register link.
  3. Look for the transaction you're working on. 
  4. If the entry is reconciled, you’ll see an R in the checkmark ✔ column, and click on it to expand the view.
  5. Keep tapping the R status until it shows blank or cleared (C).
  6. Press the Save button and click Yes in the confirmation window.

Now that we've cleared your transactions, categorize your payroll items according to the account you wish to use. Check out this article for detailed instructions: Change your accounting preferences in QuickBooks Online Payroll. After modifying the accounts, set the start and end dates when you wish the changes to take effect in the Update transactions screen. 

 

After performing these steps, let's reconcile the account. When performing this task, make sure to keep your bank statement handy and compare the entries with the ones in QBO. 

 

Regarding your other concern, run the same account report to get the necessary data. Furthermore, you'll find comprehensive information on reconciling your bank and credit card statements, along with troubleshooting tips for any starting and opening balance concerns in the following links:

 

The Community is always open if you have further questions about clearing old transactions or reconciling your account. I'll be here to continue helping. Have a good one, Allisha.

A
Allisha-JonesAuthor
March 13, 2024

Thank you for your assistance. I unreconciled every transaction for 2023 one at a time! Then uncategorized my transactions to make sure everything was in the right category before reconciling again from scratch. I noticed i had two paryoll categories... one for PAYROLL EXPENSES/wages  and one for PAYROLL LIABILIIES/wages payable. I noticed when my transactions are downloaded from my bank account, they go to the wages payable... so when i recategorized, i put all my payroll transaction in the category... IT DOUBLED my payroll... i;m about to pull our my hair... and to top it off, it all not shows BACK up under uncatorgorized again!!! I attached a screenshot of my chart of account to show you what I'm saying. All my payroll entries are doubled and when i go to delete one, it says it was downloaded from my bank, do i want to remove it... the other says DD payable and dosnt give me an option to edit or delete. How do i get rid of all the double payroll checks? 

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