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sage09
April 23, 2022
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Unbilled charges affecting reconciliation

  • April 23, 2022
  • 1 reply
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Hello!

I would love some insight on a reconciliation issue we have. Two years ago we switched from QB Desktop to QB Online. This created hundreds of unbilled charges in our checking account which makes it not possible to deactivate account codes and classes attached to these charges. I was advised to make the charges not billable which has created a discrepancy in reconciliations of -$300,000+ I was then advised to create a journal entry to offset this discrepancy, but I am concerned how this will affect the balance sheet. 

Any suggestions?
Thank you!

Best answer by MirriamM

Good day, @sage09.

 

Thanks for providing detailed information about your unbilled charges concern which affects your reconciliation process. 

 

To resolve the discrepancy in your reconciliation, you can create a journal entry as it has a direct impact on income statements and balance sheets. But before doing so, I recommend consulting an accountant on what specific accounts to use to record the transaction to ensure the accuracy of your books. But if you don't have one, you may use our Find an Accountant tool. 

 

To create a journal entry, here's how:

  1. In the left menu, click the + New button.
  2. Select Journal entry.
  3. Under the Journal date, enter the date.
  4. Enter the other necessary information.
  5. Select Save and close.

 

Additionally, to ensure your QuickBooks balance matches with your bank or credit card statement balance, here's an article about reconciling an account : Reconcile an account in QuickBooks Online.

 

Get back to me here if you have any other concerns in managing your transactions. I'm always here to help. Take care always.

1 reply

M
MirriamMAnswer
April 26, 2022

Good day, @sage09.

 

Thanks for providing detailed information about your unbilled charges concern which affects your reconciliation process. 

 

To resolve the discrepancy in your reconciliation, you can create a journal entry as it has a direct impact on income statements and balance sheets. But before doing so, I recommend consulting an accountant on what specific accounts to use to record the transaction to ensure the accuracy of your books. But if you don't have one, you may use our Find an Accountant tool. 

 

To create a journal entry, here's how:

  1. In the left menu, click the + New button.
  2. Select Journal entry.
  3. Under the Journal date, enter the date.
  4. Enter the other necessary information.
  5. Select Save and close.

 

Additionally, to ensure your QuickBooks balance matches with your bank or credit card statement balance, here's an article about reconciling an account : Reconcile an account in QuickBooks Online.

 

Get back to me here if you have any other concerns in managing your transactions. I'm always here to help. Take care always.

S
sage09Author
April 26, 2022

Thank you for taking the time to respond @MirriamM !

M
MadelynC
April 26, 2022

Good day @sage09.


I’m glad that my peer was able to resolve your reconciliation concern. Please know that you can always reach out to us whenever you need help.


If you need more information about managing your company, feel free to visit our Support page. It contains ways and tips to make sure everything is accurate and organized.


Have a great day, and keep safe!

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