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TizB
February 18, 2022
Question

Bank reconcilliation

  • February 18, 2022
  • 1 reply
  • 0 views

I am a newbie to QBO and have recently set up my company based on the y/e balance sheet from my previous acct. system.  I'm about to do my first bank rec and the opening balance on my bank statement doesn't match my b/s bank balance. This is due to the fact that cheques written in Dec. have already been recorded in my opening balance.  Now these cheques are clearing in Jan. How do I handle this.  I hope I have explained the situation well enough. Note, I am not an accountant.  Thanks in advance for any help you can offer.

1 reply

Jen_D
Jen_D
February 19, 2022

It's great to see you here, @TizB.

 

To make sure you can clear the entries showing on the reconciliation report that was for last year, you can reconcile them manually. This way they don't show up again for reconciliation, and what's left is only for the actual month you need to reconcile.

 

To check the transaction status and make sure it is tagged as reconciled, follow the manual reconciliation steps below:

 

  1. Click the Gear icon.
  2. Tap Chart of Accounts.
  3. Find the account you want to review.
  4. From the Action column, click View register.
  5. Locate the entry from the list and make sure the status column (indicated by a check mark) show a code R (Reconciled).
  6. If it doesn't, click the field to change the reconcile status. A Blank status means the entry is not cleared or reconciled.
  7. Once done press Save. To give you an idea on how it looks like in QBO, see this screenshot:

 

For additional information about the best practices when reconciling, see this article: Reconcile Hub. 

 

See the steps here on how to update the status for your QuickBooks transactions: Undo or remove transactions from reconciliations in QuickBooks Online

 

Update this thread if you have other concerns with reconciliation and reviewing your entries. I want to make sure this is resolved and I'll be right here if you need further help. Have a lovely day! 

S
shortcut1
March 23, 2023

How do I set up outstanding Items from a previous month for my first bank reconciliation.

 

I can not reenter these into the previous month, as that will change my opening balances.

 

This is a process that every company that existed prior to switching to QuickBooks online would need, and yet, I can not find any information on how to set that up?

 

J
JamesM4
March 23, 2023

Hello shortcut1. In order to accurately record your transactions for your reconciliation, I highly recommend consulting an accounting specialist for expert suggestions. This ensures your books remain accurate while you continue to manage your work with peace of mind. You can also get in touch with a professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. Feel free to ask other questions in the comments below. 

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