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Xean45
May 2, 2024
Question

Can a bank reconciliation be restarted after bad data import?

  • May 2, 2024
  • 2 replies
  • 0 views

A client imported their QB Desktop data into QBO, which goes all the way back to 2010. I'm trying to do their first reconciliation in QBO for Jan 1st - 31st 2023, however the GL doesn't match the opening balance less outstanding checks. If I fix the GL, then the bank reconciliation is out by the same amount then. I'm a very experienced bookkeeper so I know what the GL should be and I know what the reconciliation should be. How can I basically reset this reconciliation module in QBO so I can get this going?

NOTE: There's no reconciliations to Undo in QBO because all the previous reconciliations were done in Desktop (which they did the bookkeeping in themselves)

2 replies

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JamesM4
May 2, 2024

Hi Xean45,

 

Thanks for contacting us in the Community. Reconciliation can be a lengthy process and I'm glad you're using QuickBooks to help streamline this process. The program is designed to help you save time so you can do the things that you enjoy the most. I'll be glad to share more information about reconciling your accounts. 

 

Based on what you've shared, I highly recommend getting in touch with an accounting professional for expert advice on how to handle the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here. Otherwise, I recommend you to check out these helpful resources with more info about reconciling in QuickBooks:

 

 

I encourage you to go through the articles above as they provide helpful information which will help you complete your reconciliation with ease. If you have questions, don't hesitate to reach back to me here. Otherwise, I wish you a great rest of the week.

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Xean45Author
May 2, 2024

Hello James,

 

I AM the accounting professional. I have decades of experience, work in a firm that serves thousands of clients and my specialty is periodic bookkeeping and bank reconciliations. The articles linked help with a bank reconciliation that has gone astray, but does not deal with an account that was imported with bad data.

To reiterate: I know what the GL should be, I know what the bank's opening balance is and I know what checks are outstanding. Can the reconciliation just be reset, as you can with other bookkeeping software, to get this back on track?

 

Thank you.

A
Alex M
May 2, 2024

Hi there Xean45

 

I can provide some information about this. An accountant-level user using QuickBooks Online Accountant can undo a reconciliation by following the steps outlined in this article,

 

If you have any other questions, feel free to reach out here.

 

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Trish_T
May 3, 2024

Hi Xean45,

 

QuickBooks Online, enables you to enter the beginning balance, so it matches the bank account.  Since the accounts were previously reconciled prior to moving to QuickBooks Online, you can choose to add or edit the opening balance by following the steps here.

 

Should you require additional assistance, please don't hesitate to contact us. Your success is our number one priority and we'd be happy to help!

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Xean45Author
May 3, 2024

Hello Trish,

 

I found that article and tried it before posting here. Though I can use that to adjust the GL balance, the bank reconciliation then reports 'The opening balance is off but we can help fix it' by the same amount. If I adjust that, then the GL is once again out by the same amount. I can make it match but then the reconciliation is then out by the same amount.

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