Skip to main content
E
ElCoyote
June 4, 2025
Question

Reconcile and Service Charges

  • June 4, 2025
  • 1 reply
  • 0 views

I start to reconcile an account. Verify beginning balance, enter ending balance, enter interest amount. I do not have service charges, so I leave that bank or 0.00. When I hit Reconcile, I get a message "You cannot enter service/finance charges or interest without specifying a corresponding account." I have never specified accounts for these. Why now?

1 reply

A
ArielI
June 4, 2025

I appreciate you for sharing this matter in the Community forum, @ElCoyote. To successfully reconcile your account, it's important to specify which account the amount pertains to. Let me clarify things to ensure a smooth reconciliation process.

 

You're on the right track by entering the beginning balance, ending balance, and leave the service charges at zero. However, since you've entered an amount for interest, it is essential for accurate financial reporting that you specify which account this interest amount applies to, whether it should be categorized under an Expense account or an Income account.

 

 

Once you have completed the process in QuickBooks Online, the system will automatically generate a comprehensive reconciliation report for that session. This report serves as an important record of your activities, summarizing the key details and adjustments made during the process. To view this, check this article: How do I view, print, or export a reconciliation report?

 

I would be glad to hear about your progress after you add the specific account. However, if you have any additional questions or further assistance, please feel free to click the Reply button. We are here to support you whenever you need help.

Terms & ConditionsAccessibility statement