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Lydia Virginia
August 14, 2022
Question

Initial account reconciliation issue

  • August 14, 2022
  • 1 reply
  • 0 views

I downloaded my bank transactions into QB online starting 1/6/22. When I attempt to complete my 1st QB reconciliation, QB shows my balance is off by -$4000. If I uncheck the $4000 transfer transaction from 1/6/22, the account balance reconciles to $0.00. It appears that this transaction didn't get downloaded at the time I downloaded my transactions from the bank. Wouldn't this transfer amount have already been included in the bank's transaction total for 1/6/22? Also, the bank shows 4 deposits for the statement period and only one of them was for $4000. It appears that this $4000 transaction is being counted twice because when I uncheck the transfer transaction, the account reconciles to 0.00. How do I correct this? Can the transfer be voided or deleted without throwing off the balance of the account from which it was transferred? I appreciate help anyone can offer me.

sincerely,

Ginny

1 reply

KlentB
KlentB
August 14, 2022

I'm here to guide you in reconciling your accounts, Ginny.

 

It seems that this transfer is a duplicate transaction since there's already a deposit of $4000 included in your bank's total for 01/06/22. To ensure that the difference will be zero, you can delete the transfer. Here's how to do it:

 

  1. Go to the Accounting menu.
  2. Choose Chart of accounts.
  3. Locate the account holding the transaction.
  4. Find the transfer transaction, then select Delete.
  5. Choose Yes to confirm the changes.

To learn how to resolve common reconciliation mistakes and errors in QuickBooks Online, you can read these articles:

 

If you have any other concerns or questions about bank reconciliation, just post them below. I'll make sure to get back to you.

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