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S
silverliningscc-
January 4, 2024
Question

reconciliation and bank statements

  • January 4, 2024
  • 1 reply
  • 0 views

QBO reconciliation charges are not matching bank statement charges amount. I have a 0.00 balance but the only issue is the charges are not matching at the top of page. I have noticed this where there has been a late fee applied and or credited. in this case it was only applied. Has this been an issue with anyone? how to fix/ correct?

1 reply

R
ReymondO
January 4, 2024

Good day, @silverliningscc-. Thanks for sharing your concern on the QuickBooks Community page. 

 

Before we proceed, can share with me what type of transactions is your downloaded late fee? 

 

If this is a regular bank fee charge, then we can manually record it inside QuickBooks and match it with your downloaded transaction. To start, let's create an expense account to track the late fees and record it in the program. Here's how:

 

  1. Go to the Transactions menu and select Chart of accounts.
  2. Click New.
  3. Select Expense, then enter a name such as Bank Fees.
  4. Click Save.

 

Once done, let's create an expense transaction and use the expense account you've created in the Category column, then save the transaction. Once done, you can now match it with your downloaded transaction. 

 

If you have further concerns about matching your downloaded transaction, please add them to the thread and I'd be happy to assist you further. Have a good one.

S
silverliningscc-Author
January 4, 2024

Hello, thank you for responding..... it is already matched it states manually matched.  I have attempted to undo and match but its not allowing. I was informed by a QBO rep that it will show as a charge due to the fee is actually a charge but not an actual purchase charge.

M
MelroseV
January 4, 2024

I appreciate your prompt response, . Allow me to assist you further and ensure you'll be able to match your bank statement in QuickBooks Online (QBO).

 

First, let's undo your reconciled statement by manually unreconciling each transaction. Let me walk you through the procedure step by step.

  1. Click the Gear icon at the top.
  2. Select Chart of Accounts.
  3. Locate and choose the account you’re working on, and click on View Register.
  4. Select the transactions you want to unreconcile.
  5. Keep on clicking the R status until it shows blank or cleared (C).
  6. Click on Save.
  7. Choose Yes to confirm.

 

If you're using QuickBooks Online Accountant, you can utilize the Undo reconciliation feature to unreconciled previous transactions without manually going through individual transactions within the register.

 

Alternatively, you can invite an accountant to help you reconcile the transactions and this is to make sure that all of your records are in order.

 

After undoing the reconciliation, add any service charges and processing fees on the bank deposit window instead of editing the original transactions in QuickBooks.

 

Here's how:

  1. Scroll down to the Add funds to this deposit section.
  2. Enter the fee as a line item.
  3. Select who the fee was from (for example, the bank charging you).
  4. Select Bank Charges from the Account ▼ dropdown.
  5. Enter the amount fee as a negative number. For example, if the fee was US $.50, enter –.50.
  6. Review the deposit total with the bank fee.
  7. Select Save and close or Save and new.

 

Furthermore, you can turn on the close books feature in QBO in order to prevent changes in your past transactions. This is to ensure to keep your transactions the way it is. You can check this article to learn more about closing your books in QuickBooks Online.

 

Keep me updated in the comments if you have further questions about reconciliation in QuickBooks Online. I'm just a reply away. Keep safe and have a good one. 

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