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Bam14
August 9, 2022
Question

Paycheck Error

  • August 9, 2022
  • 1 reply
  • 0 views

My company pays weekly every Wednesday. On the last week of June’s payroll I wrote a check to an employee (he doesn’t do direct deposit) but somehow shorted him $36.98. I  added it to his next check after he mentioned it and his pay is now accurate. The problem is that in QBO his pay shows the correct amount, but the bank account shows the actual check amounts. To worsen the problem, he cashed the check from June in August. July won’t reconcile because of this discrepancy. How do I fix this so I can reconcile July and August once that is done? 

1 reply

G
GebelAlainaM
August 9, 2022

Thank you for sharing your concern, @Bam14. I'm here to clarify something to help you reconcile accounts from July and August in QuickBooks Online (QBO).

 

If you have an un-cleared transaction from June, you don't need to include it on July's reconciliation. You can skip them or leave it to uncheck. Then, select them when you reconcile in August since it's the date when that paycheck has settled.

 

Please mind that bank statements will always vary when you reconcile an account and only reconcile entries that show in your bank statement. Always compare the data in QuickBooks to the transactions on your bank statement.

 

Nevertheless, I'd suggest consulting with your accountant or a QuickBooks Certified ProAdvisor. That way, they can guide you with the appropriate process and ensure the accuracy of your books.

 

Here's how to reconcile:

 

  1. Go to the Accounting menu and select Reconcile.
  2. From the Account dropdown, select the account you want to reconcile. Make sure it's the same one on your statement.
  3. Review the Beginning balance. Make sure the beginning balance in QuickBooks matches the one on your statement. Here's what to do if they don't match.
  4. Enter the Ending balance and Ending date on your statement.
  5. Review the Last statement ending date. It's the end date of your last reconciliation. Your current bank statement should start the day after.
  6. If everything is all set, click Start reconciling.

You can refer to this article for the detailed steps and additional insights in reconciling an account in QBO: Reconcile an account in QuickBooks Online.

 

I've also added the following article for future purposes:

 

 

Please tag me in the comment section if you have clarification or additional questions. I'll get back to you as soon as possible. Take care!

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