Bank reconciliation

@BratAtTbredMgmtGrp  You have my condolences; I've had to fix a few things like this, and it's never easy, and rarely the same processes involved.

A good starting point may be to look for 'Forced Reconciliation' entries, where whoever handled it before forced the books to reconcile despite discrepancies.

Past that, I'd say your course of action depends in large part on what kind of company you're dealing with.

For instance, if it were a sole proprietorship (Unlikely, since you mentioned it was a large company), it'd probably be easiest to simply start a new file as of the start of this year, though there's a lot of possible complications even with that kind of company.

If it were a sole proprietor and you opted to keep the old file going, I suppose you could use an Equity account to bring the bank accounts to balance at the start of the current year as well; Sole proprietors have a much simpler Equity system to track than, say, S Corps. It's just money taken out/put in, and the Retained Earnings rolling over from year to year... basically.

In all likelihood, though, it may be best to consult a CPA if for nothing else than advice. There are smart people here, but they also can't see your books in real time even if you wanted to share them with strangers.

(Also, for reasons you're no doubt aware, keeping hard copies of the bank statements would be a great idea going forward. Banks are so stingy with those.)

You can at least ensure your beginning balance for 2024 is correct, BratAtTbredMgmtGrp. Allow me to discuss this matter further to keep you guided.

You can pull up a bank statement for 2024 and ensure the beginning balance for that period matches with what's in QuickBooks. This way, you can reconcile the current year appropriately. However, you would still need to fix discrepancies in your data from the prior years in case of an audit. You'll want to communicate with the bank account owner to get the statements from 2015 up to the present.

On the other hand, I agree with @FishingForAnswers. The process of either fixing the previous year's reconciliation or starting a new file depends on the company you're dealing with. If you require additional assistance, visit our ProAdvisor portal to consult an accountant experienced in QuickBooks for help with necessary corrections.

Moreover, scan this article for guidance if your accounts don't match your bank statements at the end of reconciliation: Fix issues when you're reconciling in QuickBooks Desktop.

Furthermore, you might want to review your past reconciliations by running a Previous Reconciliation report. It can be customized based on your needs if you have to focus on specific details.

Please return to this thread if you have other questions regarding fixing reconciliations in QuickBooks Desktop. We're here to lend a hand anytime and in all possible ways.

@BratAtTbredMgmtGrp 

How bad are the other balance sheet accounts?  Are receivables and payables a mess too?  Do you have access to the company tax returns?