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April 10, 2024
Question

Can i reconciled an account for a new month if the account is unreconciled?

  • April 10, 2024
  • 1 reply
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This account was already recociled, however after entering the transation fo a new month and start reconciling there is a differernce how do I fix this

1 reply

April 10, 2024

Hello there, marjorie.

 

Yes, if you're trying to correct a discrepancy from a previously reconciled account before starting a new month's reconciliation. I'll show you how to resolve it.

 

Every time you start reconciling your account, it is best to always check your beginning balance to see if it matches your bank statement for the same start date. If doesn't match, we can perform some steps to fix it. 

 

We'll start by reviewing and ensuring that the opening balance is correct. In some cases, the opening balance excludes transactions that were still pending when the account was created. The opening balance is the balance in your bank account on the date you decide to begin tracking transactions.

 

To check the opening balance:
 

  1. Go to Transactions, then Chart of accounts
  2. Locate the account on the list.
  3. Select Account history.
  4. Search for the opening balance entry. It should have "Opening Balance Equity" in the Payee Account column and "Opening Balance" in the Memo column.
  5. Take note of the date and balance.

 

After that, compare the opening balance with your actual bank account. If the balances match, you accurately entered the opening balance and can proceed to the next step which is checking the beginning balance. Here's an article for the complete steps: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

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

 

I'll always be here if you have other concerns or any follow-up questions about bank reconciliations. Have a great day!