Closing Balance Sheet

Let's sort out the balances in your balance sheet Lgarcia.

You'll have to make sure that reconciliation happens after checks are cleared. This means that for checks that weren't cleared last December 2022, you don't have to include those on your December 2022 reconciliation. Instead, you'll have to include them in January 2023 since this is when checks were cleared from your bank. In short, double-check the opening balance for the account you're reconciling.  Sometimes, the opening balance doesn't include transactions that were still pending when you created the account. The opening balance is the balance of your bank account on the day you choose to start tracking transactions.

After that, ensure to reconcile the correct account for the correct month. If you have multiple accounts at the same bank or more than one account of the same type, ensure you're reconciling the right one. To give you more information when reconciling accounts, I've got this article for more information and detailed steps: Fix Issues For Accounts You've Reconciled In The Past In QuickBooks Online.

Moreover, QuickBooks provides several reports that cater to your business needs. You'll only have to customize them to get the right data at the right time. Check out this article for more details: Customize Reports In QuickBooks Desktop.

Feel free to keep in touch if you have any questions about balance sheets or reconciliation. We're here to get you covered.