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Fischers785
January 31, 2023
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End of Month Reconciliation

  • January 31, 2023
  • 3 replies
  • 0 views

Every month, we have a number of "bill payments" in the form of outstanding checks that haven't been cashed by the vendor who received them.  So, when I go to reconcile the month in which they were printed and mailed out, my reconciliation isn't going to balance with what the bank statement says and therefore won't allow me to finish out that particular month.  Should I deduct the total amount of outstanding checks against what the bank balance says and use that number as the "Ending Balance" in QBO, or is there a solution that I'm just missing?

 

Thank you in advance for any assistance on the matter!

Best answer by Rainflurry

@Fischers785 

 

Outstanding bill payments that you haven't marked cleared in QB have no effect on your bank reconciliation.  

3 replies

Rainflurry
RainflurryAnswer
February 1, 2023

@Fischers785 

 

Outstanding bill payments that you haven't marked cleared in QB have no effect on your bank reconciliation.  

AlcaeusF
AlcaeusF
February 14, 2023

Hi again, Rainflurry.

 

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

 

Keep safe and have a great rest of the day.

A
Archie_B
February 1, 2023

Hello there, Fischers785.

 

I agree with @Rainflurry, any bill payments you haven't cleared with your bank won't affect your reconciliation. If there are transactions that needs to be added to your bank account in QuickBooks, you'll need to review and categorize them first. Use this as a reference: Categorize and match online bank transactions in QuickBooks Online.

 

I've also added this link for the complete reconciliation guide: Learn the reconcile workflow in QuickBooks.

 

Just in case you're reconciling the account for the first time and the beginning balance is off. Check out this link to learn how to fix them: Fix issues the first time you reconcile an account in QuickBooks Online.

 

Let me know if you still need assistance with anything or if you have other concerns about managing your bank's transactions. I'll be here to assist. Have a wonderful day!

F
Fischers785Author
February 1, 2023

Thank you both for responding!  I think I can shed some more light as to why I was having the discrepancy.  There is a separate book that is kept for record-keeping that was used for providing the beginning month and end of month balances to use in the system.  It was used instead of what the Bank Statement said as the outstanding bill payments would be accounted for so as to not "spend money that wasn't there" so to speak.  

 

I think this is what the issue was.  


Thanks again for everyone's help!

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