Question

End of the month transactions

Forum|Forum|2 years ago
February 3, 2024
1 reply
0 views

I have transactions at the end of the month that are throwing off being able to reconcile. I have paypal set up to pull funds from my business bank account. The problem is that the transaction date it begins is the original date of the transaction but my bank shows it happening in the following month. For example, added funds to paypal on 12/30 but bank shows it clearing on 1/3. This is causing my books to be off and reconciliation difficult. It only becomes an issue when the transactions are at the end of the month. How do I fix this and be able to reconcile for the month?

QuickBooks Online

BigRedConsulting

I don't understand why it's an issue? When reconciling your bank account, select the transactions that appear on the bank statement and you'll balance.

It doesn't matter, for the purposes of reconciling, if the dates of the transactions in QuickBooks match the bank's dates. In fact, they often won't, especially for checks. In QuickBooks, checks should have the dates that are on the face of the checks, not the dates they clear the bank.

A

aterralAuthor

They are transfers of funds from bank to paypal. PayPal shows the date initiated but bank shows the transfer a few days later. If I change the date of the transaction anywhere it changes everything and the books won't reconcile.

BigRedConsulting

Yes, transfers can only have one date, like any other transaction in QuickBooks. A similar case is a check you write from one bank account and deposit into another.

I can't imagine what problem this causes (it has never been a problem for me and my QuickBooks file). As previously noted, the date of the transaction make no difference to reconcile.

Please elaborate. What is the issue you see that causes "and the books won't reconcile"?

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