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Chad_Bauman
October 27, 2023
Question

QBO Bank Rec

  • October 27, 2023
  • 2 replies
  • 0 views

Hi,

 

I am a CPA and have extensive experience with many different accounting systems, including QBO. I have never had this issue however and was hoping to get some insight regarding my best path here to take. I have a friend whom I have began assisting and helping clean up their books of a family business that has a manufacturing and rental division and also is cash intensive. The books are a mess and I can't put together any meaningful cash flow analysis due to mis categorizing and a sloppy COA. I have re-vamped the COA and have gotten to the point where I am reconciling bank balances from years back due to several different reasons which I wont get into here. But with that said, I am looking at a credit card account that has a statement cutoff date in mid-month. How do you reconcile the transactions for the later part of the month without having a beginning balance that dates back prior to the month trying to reconcile. For example, I was hoping to reconcile Jan. 2022 to an immaterial difference that I was hoping to lump into an adjusting entry for the beginning balance, but not sure if that is the best possible way to go about doing this. Also, I am used to doing my bank rec's in the past using an offline template in excel with adjusting/reconciling items that are due to timing, other manual adjustments, etc. Is there any way to reflect those type of items in the reconciliation you see within the system QBO? Hopefully makes sense, any help would be greatly appreciated. Thanks!

2 replies

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LeizylM
October 28, 2023

I understand your situation and the challenges you're facing with your business, Chad. I'm here to guide you in cleaning up messy books and categorizing transactions accurately. 

 

When reconciling transactions, you can refer to bank statements for the period you want to reconcile. This includes the credit card accounts with a mid-month statement cutoff date. Then, we can compare the transactions on your bank statement recorded in your QuickBooks Online (QBO) account. 

 

In QBO, you have the option to import transactions manually. It's important to ensure that you use the appropriate file format for importing your transactions. However, you'll still need to manually tag and categorize the transactions.

 

If there are duplicates of the imported data, you can go back to the banking section and undo the duplicates. This will exclude them from being added to the register.

 

Here's how:

 

  1. Go to the Banking or Transactions menu and select Banking.
  2. Locate the tile and proceed to the Categorized tab.
  3. Find the transactions and click Undo.

 

If you need to remove these transactions, we can Exclude them by ticking the corresponding boxes from the For Review tab. When doing the reconciliation, I suggest referring to the bank statement and reaching out to the bank to obtain the file for reference while making the corrections.
 

I've added a link you can check out that provides answers to frequently asked questions about importing data in QBO. It includes an explanation of what types of data can be imported into QBO: Common questions about importing data to QuickBooks Online.

 

Also, here are some helpful resources to learn more about correcting issues when reconciling QuickBooks accounts, and viewing details for missing reconciled transactions or reports in QuickBooks Online.

 

 

Feel free to post a reply at any time if you have further clarification on importing your transaction. I'll keep an eye on this thread. Have a good one!

A
AAgrawal121
January 10, 2024

Hey @Chad_Bauman 
We have built a tool do this. If you have a use case, we can get on a call and you can use our tool.

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