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H
HIAC
July 31, 2021
Question

Reconciling bank account from before Payroll module added

  • July 31, 2021
  • 1 reply
  • 0 views

Hello,

We switched over from Sage 50 to Quickbooks online at the beginning of the year. While most of it is pretty intuitive it does take a little getting used to. We decided at the beginning of April to subscribe to the Payroll module. I have managed to successfully set up all of our employees and it has been working fine. The problem I am having is with regards to reconciling my bank account. How do I enter the paycheques that were issued and have cleared the bank from before we set up the payroll module? We waited to enter them and I am now catching up. I have entered the amount that the employees were paid into the correct places when I set them up. I don't want to end up having their pay entered twice as I try to get my bank account to reconcile.

I hope that this makes sense.

Essentially, the bank account shows the paycheque as having cleared the account, how do I get it so that this is reflected in QuickBooks online when I do my bank rec?

Thanks in advance,

Sonja

1 reply

L
LauraAB
August 2, 2021

Hi Sonja,

 

Thanks so much for choosing QuickBooks Online to pick up managing your business's books! I know a lot of decision making has to go into choices such as that, so I appreciate that you're giving QuickBooks a shot. It's good to hear that you've been able to complete some of the setup for your books in general and for payroll. I'd be happy to help you with your reconciliations for payroll entries run before starting to use QuickBooks Online Payroll.

 

When you start with QuickBooks Online Payroll, you have the option to enter prior or historical payroll information for your employees, which is intended to hold the data for pay runs completed before using our module. It sounds to me like you've done that, but now you're concerned because you're not seeing those entries in your books.

 

When you add historical payroll data for your employees, what the program does is use this information for balances moving forward, but it doesn't create entries for the past that you'd be able to reconcile your bank account in QuickBooks Online. What you can do in this situation is create the transaction in your books in some other way so that you can complete your prior reconciliations and balance out your bank account.

 

If you're not certain what kind of entry is best to work with, I recommend speaking with an accountant, in particular one who is familiar with QuickBooks Online. If you already have an accountant and haven't already added them as a user, you can do so through the My Accountant tab, or you can use that tab's Find a pro to help button to research our directory of QuickBooks-savvy accountants near you.

 

In the event you also mean that you didn't take the step to enter historical payroll data during the employee setup, but you would like to, please contact our support team so we can review your account and see the best way to address this. The steps to add this information will different depending on the tasks you've already completed in the module.

 

Schedule a Callback or start a Chat: click (?)Help in the upper right in QuickBooks Online > type and enter "Contact support" into the QB Assistant > click Contact Us > explain your situation > click Let's Talk > choose Get a callback or Start a Chat.

Social Media: Facebook, Twitter, and Instagram.
Support hours are from Monday to Friday between 9 a.m. and 8 p.m. ET.

 

Don't hesitate to give us a shot if you have further questions or concerns. We're here to help!

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