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K
kellyr2
December 19, 2022
Question

Bank Reconciliation

  • December 19, 2022
  • 2 replies
  • 0 views

Hello.  A huge payroll journal entry has been recorded after 11/30.  The 11/30 bank reconciliation was obviously affected.  I've gone back in to clear up the bank reconciliation and get it back to zero.  However, when I look at uncleared checks and payments on the reconciliation report, the journal entry amounts are there.  Am I correct in thinking that those journal entry amounts will never clear out and will remain there for the rest of the year?  Or is there a step that I'm missing?  Thank you.

2 replies

M
Mark_R
December 19, 2022

Hi there, @kellyr2.

 

Let me clarify things and help you with your bank reconciliation.

 

Journal entry amounts should be cleared out on the reconciliation report. It's possible that there's an issue with your reconciliation. To get this fixed, I recommend following the steps below:

 

Step 1: Review the original opening balance

Step 2: Check your bank statement

Step 3: Match and categorize downloaded transactions

Step 4: Review any discrepancy reports

 

For the step-by-step process on each step, you can check out this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

Most importantly, I suggest seeking help from your account. This way, they can review your reconciliation and guide you if there's a discrepancy on it.

 

Just in case you need to adjust an entry for reconciliation in the future, you can read this article: Enter an adjusting entry for reconciliation in QuickBooks Online. 

 

Come back to this post and let me know how it goes, @kellyr2. I want to make sure you're taken care of.

Rainflurry
Rainflurry
December 19, 2022

@kellyr2 

 

Why is a journal entry entered after 11-30 affecting your 11-30 bank rec?  That doesn't make sense.

K
kellyr2Author
December 19, 2022

The accountants made several journal entries last week to correct payroll starting back in June.  The entries are post dated which is strange.  I had to go back and fix the reconciliation to get the beginning balance (ending balance for November) back to the correct amount.  However, I believe I did something incorrectly because the reconciliation report has several lines of uncleared transactions that are from the journal entries.

K
kellyr2Author
December 19, 2022

I mean they dated the journal entries the same as previous month's payroll dates.

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