I have a couple of solutions to share to ensure there are no duplicate transactions and your Profit and Loss report is correct, zar1.
Please know that when you reconnect a credit card account on the Banking page, it will re-download all the transactions, including the reconciled ones. After you relinked it in September, it brought in the entries from the last 90 days (May to August).
First, there's no need to add bank transactions from May to August since you recorded expenses through a journal entry for monthly reconciliations. The JE notes the missing or corrects the existing ones, allowing you to transfer money between accounts and ensure that your books are balanced.
Second, you can exclude these new bank transactions to prevent duplicates from being added to your QuickBooks register. Follow the steps below:
- Go to the Transactions menu.
- Click the Bank transactions tab.
- Select the credit card account and go to the For review tab.
- Tick the checkboxes of the duplicate transactions, then tap Exclude.
Read through this link for more details: Exclude a bank transaction you downloaded into QuickBooks Online.
Third, duplicate entries can impact your Profit and Loss Statement. Documenting them once prevents overstatement of expenses or income.
Furthermore, I recommend consulting an accounting professional for additional guidance in reconciling previous entries. This way, we can ensure your book is well accounted for. If you’re not affiliated with one, visit our ProAdvisor page.
Once everything is set, scan these resources to view various procedures when classifying entries:
I'm all ears to any additional queries you may have about the reconciliation process. You can also count on me for other concerns, such as handling dealings. Take care.
