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March 12, 2024
Question

The accounts I took over have never been reconciled and I do not have access to the bank statements before 2022. How do I reconcile when I am missing 2 yrs of statements?

  • March 12, 2024
  • 1 reply
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I took over bookkeeping for this business and noticed the accounts had never been reconciled. The business has transactions from 2020 but I only have access to bank statements from 03/2022. How do I reconcile from 03/2022 to the present so I have accurate data for 2023 to present at my tax appointment? Can I bypass reconciling from 2020-03/2022?

1 reply

March 12, 2024

Reconciling your accounts without having access to two years' worth of statements can be challenging, but it's not impossible, kelsweav10.

 

I can assist you in bringing the missing transactions to QuickBooks Online so that you can reconcile the accounts. I'll walk you through the process.

 

You can get transactions from your bank and manually import them to QuickBooks Online (QBO) using a CSV file format

 

Here's how:

 

  1. Log in to your bank or credit card's website.
  2. Follow the instructions provided by your bank to download CSV files containing your transaction history to your computer.
  3. Note that each financial institution may have different steps for downloading transactions. Refer to specific instructions for Bank of AmericaChaseWells Fargo, or your respective bank.
  4. Make sure to select a date range that covers at least one day before your oldest transaction.
  5. Download the transactions and save the file in a location that is easily accessible, such as your computer's desktop.

 

Then, proceed with uploading the transactions. 

 

Here's how:

 

  1. Navigate to the Transactions tab and click on Bank transactions
  2. Locate and click on the blue tile representing the account where you want to upload the transactions.
  3. Click on the dropdown menu labeled Link account▼ and choose Upload from file.
  4. If your account is not yet connected to online banking, select Upload from file.
  5. Choose either the Drag and drop option or select files to locate and select the file you downloaded from your bank. Then, click on Continue.
  6. From the QuickBooks account dropdown menu, select the account where you want to upload the transactions. Click on Continue.
  7. Note: If you are new to QuickBooks and don't have an existing account to upload the transactions into, select Add New ▼ from the dropdown menu to create a new bank account.
  8. Follow the onscreen instructions to match the columns from the file with the appropriate fields in QuickBooks. Then, click on Continue.
  9. Select the transactions you want to import, and click on Continue.
  10. Confirm by selecting Yes, then click on Done to complete the process.

 

After downloading your banking data, you can categorize them to ensure they are accounted for properly. Then, reconcile the account for the accuracy and completeness of your financial records.

 

Further, check this article to review your beginning balance and look for issues for accounts you haven't reconciled before: Fix issues the first time you reconcile an account in QuickBooks Online.

 

Let me know if you have further questions regarding reconciliation and other related issues. I'll be here to assist.