Hi! There is a deposit on our bank statement that did not transfer to quickbooks. However, the account reconciled. What should we do?

Great job on identifying the discrepancy issue during your monthly reconciliation, @BHahn. It's important to catch these issues early on to ensure the accuracy of your financial records.

Firstly, the information in QuickBooks will be based on what was entered into the software. Therefore, the bank statement will always take precedence and be considered the most accurate source of information.

To address your concern, I encourage you to review the bank statement again to verify if the deposit is indeed missing in QuickBooks Online (QBO). Compare the deposit amount, date, and other relevant details to confirm the discrepancy between the bank statement and the information recorded in QBO.

After confirming the missing deposit in QuickBooks Online (QBO), we should create a new deposit to record the transaction accurately. Enter the correct details based on the information obtained from the bank statement.

However, if the missing deposit occurred in a previous month and has already been reconciled, you will need to redo the reconciliation for that specific month.

We can manually undo reconciled transactions at a time, to undo all the transactions, by clicking the R status. This way, all the transactions are removed from the reconciliation page. Once done, you need to reconcile your account again.

Follow the steps below:

1. Go to the Gear menu and click Chart Of Accounts.
2. Choose the bank account you want to un-reconcile and click the blue View Register hyperlink on that row.
3. Find and select the transaction you need to unreconciled.
4. Look in the column just to the right of the Deposit column. This column is the Reconciliation Status column.
5. To undo the reconciliation of this transaction, click the R (for reconciled) until the field is blank.
6. Click the green Save button.
7. Now find and select the transaction.
8. Click the blank or C (for Cleared) to R (Reconcile).
9. Click the green Save button.

Furthermore, we require assistance in reversing a reconciled transaction for the entire month or year, as we are currently unable to perform this action in QuickBooks Online. Only accountants have access to the necessary tools to undo the entire reconciliation.

Moreover, you will need an easy way to undo the reconciliation and change the year date if you have already concluded the process, only QuickBooks Online Accountant has the Undo feature. I would advise bringing your accountant in to undo the whole reconciliation period.

Here's how:

1. Click the Gear icon in the upper right corner, and select Manage Users.
2. Go to the Accounting Firms tab, enter the accountant's email, and click the Invite button.
3. Hit Save.
4. Once invited, have your accountant undo the whole reconciliation.

If you run into any mistakes when reconciling your accounts, the article will show you how to repair them: Fix issues at the end of a reconciliation in QuickBooks Online.

If you require any further assistance with the reconciliation process, please feel free to reach out to me. I am always available and ready to help you. Just let me know, and I'll be glad to assist you.