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nwaccounting
December 11, 2018
Question

Bank reconciliation issue- Check written date vs. date cleared the bank

  • December 11, 2018
  • 3 replies
  • 0 views

Hello,  We initiated a check on our bank's website at the end of 2017.  Since the bank always has a time lag, the check wasn't written by the bank until 2018.  In QB, the bill was recorded as paid on the date the request was put into the bank.  Since we use Bank Feed Center to pull in all of our bank detail, we won't be able to match the paid invoice per QB to the transaction that is coming in from the bank (since it was 2018).  We normally don't worry about the check initiation date; but in this case, the company wanted to show it as paid so they could estimate taxes better.  When I try to do the December bank reconciliation, the invoice is showed as paid on QB, but of course it's not in the bank statement.  So therefore I have a reconciliation discrepancy.  What should I do?  (One other thing to note:  We do cash rather than accrual based accounting.  We are a small business.)  Thank you in advance for your assistance.  

    3 replies

    A
    Anonymous
    December 11, 2018

    The date you initiated the payment is really all that matters.  The download should work fine to match a check dated a few days after the one in QB.  That is the normal way banking works (checks written clear later.)

    There's no issue with reconciliation.  Check off the items that cleared the bank, on the statement, and leave the other's unchecked.  That's all there is to the reconciliation.  The month or year does not matter.

    N
    nwaccountingAuthor
    December 11, 2018
    Thank you for helping me.  The payment is now showing up on Bank Feeds Center.  Since the bill was already marked as paid when the check was written, I can no longer "Select Bills to Be Marked as Paid."  What should I do in the Bank Feeds Center?
    V
    vam2136712
    November 9, 2023

    You dont HAVE to match everything from the bank feeds. You do not have to use the bank feeds feature at all! You can click off on it and click exclude from list to make it go away.

    qbteachmt
    qbteachmt
    December 11, 2018

    "I can no longer "Select Bills to Be Marked as Paid.""

    It should have shown as an Auto-Match, if the banking download matches to the Bill Payment Check that is already in the Bank account in QB.

    "We normally don't worry about the check initiation date;"

    But you should Always pay attention. You write a check in Nov, and it doesn't get presented to the bank until Jan = the Wrong Tax Year for you. Your check date is the date you Spent it. The Bank Date is the date they Processed it, as part of Verification on the way to Reconciliation to confirm it Cleared for the same amount that you thought you spent.




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    nwaccountingAuthor
    December 11, 2018
    Hi-Thank you for your response.  It did show as auto-matched.  I thought I would have to say that it didn't match because the date was different.  That's why I had asked the previous questions.  So by doing this,
    So when I do the bank reconciliation, will I leave it unchecked?    ---And this may be a stupid question-by doing it this way (all of the recommendations/comments above), does this have any affect on my P&L?  Does it duplicate expenses?
    qbteachmt
    qbteachmt
    December 11, 2018

    "will I leave it unchecked?"

    You start the reconciliation. In the second screen, at the bottom, you click on Matched. You provide the date, for the statement cutoff, so that it does not Checkmark anything that has already been Verified (lightning bolt) but is not on this statement.

    You checkmark anything that Is on that statement and has cleared the bank, whether or not you also use Banking Downloads as a helper function.

    "If you have a good resource/online training/book, please let me know."

    There are video tutorials here, and two are for Banking:

    Desktop PC program video tutorials

    And this:
    http://fi.intuit.com/support/gsg/dl/QBW17_GSG.pdf

    A
    Anonymous
    May 8, 2019

    I suspect the responders don't fully understand the issue here.  I have just encountered a similar one, so will try to articulate it.  Client uses payroll service, so transactions import to QBO automatically.  The tax payment was dated 5.01.19 by the payroll service, but the bank showed it as cleared on 4.30.19.  When reconciling April, the transaction is not available within the month parameters, so cannot be checked off.  It ends up being a discrepancy for the month of April due to the anomalous timestamps on the transaction.  Because the transaction originated with the PR provider, it cannot be modified; thus the account cannot be fully reconciled for the period.  Obviously, it will resolve the following month, but it's problematic in the current period.  I have never seen this happen before, but users should be aware that it can happen.

      E
      Exec2000
      November 5, 2019

      The same just happened to me. What should I do? Not complete month end for October and wait for November month end?

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