Question

Bank Account Reconciliations in Desktop /Enterprise

Forum|Forum|5 years ago
June 30, 2021
2 replies
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I have a client that has twelve years of bank reconciliations done in excel but never reconciled in QB. They want to start reconciling in QB now but they were told they need to create a new account in QB and order new checks. I am told all checks and deposits are in QB but not reconciled. I will assume bank fees etc where journaled into QB. What is the most efficient way to start using QB instead of excel to reconcile the same account going forward?

Thanks

QuickBooks Enterprise Suite

M

mv32

I've got ways in reconciling your client Excel file in QuickBooks Desktop (QBDT), @TracieBoltres.

While there's no direct way to import a client's bank account transactions in an Excel file to QBDT, you may consider performing any of the following options:

Convert your file (i.e., Excel) to Intuit Interchange Format (.IIF), so you can import them to QuickBooks.
Use a third-party migration tool/service.
Manually enter your JE transactions (bank fees).

Regardless of the option you choose, I encourage you to back up your files every time. This way, you're able to restore your company data in case of unintended loss and for future use.

Once done, you can reconcile the same account in QuickBooks, then do it monthly or quarterly for a quicker reconciliation in the system.

To learn more about transferring info to and from QBDT, you can refer to this article: Import and export data in QuickBooks Desktop. It also includes topics about the things to keep in mind when you import or export data.

Please know that you're always welcome to get back to me if you have other importing and file management concerns. I'm available to help anytime. Have a nice day ahead!

T

TracieBoltresAuthor

HI,

All transactions from excel sheet are entered into QB by journal entries so it is reconciled to excel sheets but not through the QB software. They want to stop using excel and use the QB Bank Reconciliation tool but are not sure how to start this process with out reconciling the past 12 years in QB. Is there a way to do this without reconcile past years in QB.

Thanks,

tracie

JessT

Hello Tracie,

Thank you for posting. I'm happy to answer your question about your client's reconciliation.

I know 12 years of transactions is a lot. However, if they are already in QuickBooks, you'll really need to reconcile starting from the oldest one. It's okay if some of them are recorded as journal entries as long as they post to the correct accounts, especially to the bank register.

You can do a monthly or yearly reconciliation until you reach the current year. There isn't a shortcut unless you create a new company file and only enter the transactions starting from the last year or since January this year, or depending on your client's fiscal year.

To reconcile a year worth of transactions:

Enter an opening balance. This should be the oldest transaction and this only applies to the very first reconciliation, but do not enter one when you already have it.
Go to Banking, then Reconcile.
Choose which bank account you're working with.
In the Statement Date field, enter the last day of the year that you're reconciling.
Enter the Ending Balance on the last transaction of that year.
Click Continue.
Click the Mark All button and confirm your Difference section shows $0.00.
Select Reconcile Now.