Skip to main content
C
cwspm
November 21, 2024
Question

How to prevent scheduled payments from appearing in the reconciliation report?

  • November 21, 2024
  • 2 replies
  • 0 views

My work often schedules payments in advance, which on the older versions of QuickBooks Desktop was not an issue. However, if we schedule payments to be made and enter those in QuickBooks, those future transactions show on the reconciliation report. Is there a way to disable or limit this?

 

Example: A credit card payment is scheduled to withdraw from bank account X for January 12 and is entered into QuickBooks December 31st, dated for January 12. Reconciliation takes place January third. The withdrawal appears as an uncleared transaction on the reconciliation report, making it seem like the reconciliation date is incorrect because a transaction dated after the reconciliation supposedly took place.

    2 replies

    R
    RoseJillB
    November 22, 2024

    Hi there, @cwspm.
     
    Thank you for reaching out and sharing your concern. I understand how it can be confusing when future transactions appear in your current reconciliation reports. I know the reasons why your scheduled payments show up during reconciliation in QuickBooks Online (QBO).
     
    QuickBooks handles transactions based on their entry dates, so entering the date accurately will ensure that the transactions are reflected in the correct period. It also depends on your account statement date, which marks the final day on which transactions are posted to your account for the billing period or cycle. Additionally, it is influenced by the accounting method set on your account. Since the scheduled payment is entered on December 31, and your reconciliation takes place in January, that payment will appear on December's reconciliation.
     
    To ensure that they appear in the correct reconciliation, we need to change the date of that payment to January 12, when the money should be taken out. This way, the transactions will appear in the correct month for reconciliation.
     
    Please let me know if there's anything else I can assist you with or if you have further questions about reconciling transactions, @cwspm. I'm always available to help. Take care!

    C
    cwspmAuthor
    November 22, 2024

    The payment date is set to the exact date of withdrawal, not in the prior period. There isn't a field for entry date appearing. Is that a field that can be made accessible via settings, or is it a matter of holding off entering the payment until after reconciliations?

    C
    CamelleT
    November 22, 2024

    The entry date field is unavailable in the Settings, Cwspm. Let me discuss how you can prevent future payment transactions from appearing on the current reconciliation report.
     

    To ensure the accuracy of your financial records, postpone entering payments until you have finished the reconciliation process for the current month. This method guarantees that these data will not appear in the reconciliation report.
     

    Additionally, I'll share this article to guide you on resolving beginning balance discrepancies for previously reconciled accounts in QuickBooks Online: Fix issues for accounts you've reconciled in the past.

    If you find yourself with any additional questions or require further clarification regarding reconciliations in QBO, please don't hesitate to leave a comment below. I'm committed to providing ongoing support.

    Terms & ConditionsAccessibility statement