"I didnt mark anything cleared. I was just entering the dates to start the reconciling process. And noticed the differences."
Until you start processing, any difference here is meaningless. You are ready to work.
"The
transactions posted on the 31st, or from what I have entered on
quickbooks dont show on the statement it also cuts off at the 29ths
transactions."
"Don't show on the Statement" is the Meaningful Phrase. You are using that statement; it is your Outside Source of Reference. Your entries are Newer and More Inclusive = your perspective. You are matching your perspective to the bank's, which is that Statement.
"Will the transactions I have recorded pass on to the next months reconciliation process?"
We don't know that, yet. They will sit there as Uncleared, until you see the bank processed them.
It is like this example:
You pay me in Nov. I don't take that check to my bank until Jan. That still is your Nov expense. You Don't mark it as cleared until it finally shows on your statement, which = I finally submitted it and it Actually has hit Your bank and you see they also processed it for the Same amount that you entered.
Reconciliation = Verification.
Do your data and that Outside Source of Reference Agree? Same amounts, same entries for what Has been processed.
Another example: 3 months in row, I could not reconcile each time because I was off by nearly $2,500 each time, and it was Not My Money on those statements. B of A made electronic deposits to my account in error, 3 months in a row, so until I got statements, I didn't even know about this. I would make an entry to a Liability account = Not my money, and then I would reconcile. Finally, they took it all back = in QB I showed I had paid out the liability.
