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Quickbooks Bank Reconciliation

Posted on 2007-03-27
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Last Modified: 2011-09-20
In Quickbooks, the bank reconciliation opening balance no longer agrees with the balance of the same account in Quickbooks. I am not saying it does not match the bank statement, but that one place in Quickbooks (the check register) does not match another (the reconcilation function.)

How can I get the reconcilaition function back in sync? It is way off.
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Question by:jasimon9
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by:acctech1
ID: 18812072
The balance will change in QuickBooks if any additional transactions are entered subsequent to the bank rec being done.
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by:md501
ID: 18851851
acctech1 is correct.  You may have changed or added a transaction that was dated before the ending date of the previous rec.  If you have audit trail turned on, you can run the audit trail report to see what has been changed after the rec.
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by:jasimon9
ID: 18851964
Actually, that is the case, in that certain tranasctions were deleted and replaced. Yes, it would have been better to not do that, but rather the make adjusting entries.

The real question is not "why?" but as stated "How can I get the reconcilaition function back in sync?"
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by:acctech1
ID: 18852438
If a cleared transaction was removed and/or replaced you will have to re-clear the new transactions entered.

Go to the Rec screen enter the correct beginning balance as the ending balance. Enter the statement date as the same as the last rec.(If the QuickBooks says 2/28/07 as the last rec date. Enter that as the date again.) Now "clear" the transactions you have entered in place of the ones you deleted. In theory these should all add up to the same amounts (Old transaction $ = New transaction $) Your "difference" should be 0 and you will be able to reconcile. The balance you put as the ending will become the beginning and you should be good to go.
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by:md501
ID: 18853500
If you deleted or changed transactions you will probably have to enter a j/e (dated in the month they were changed) with the difference of the balances.  Then later (in the next month) create an adjusting j/e to clear it out.  

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by:jasimon9
ID: 18853569
All accounts are already correct. The only issue is that the "make deposits" function has lots of stuff in it.

Please note: I say again -- all GL accounts have the correct balances, including Undeposited Funds.

The procedure I am contemplating seems like it will do the following:

1. Get rid of the non-existent deposits by depositing into the new dummy account, thus making a large debit in the dummy account.
3. put a larege credit offset into undeposited funds.
4. The final manual AJE will clear the dummy account against undeposited funds, putting them both back to zero.
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md501 earned 500 total points
ID: 18853615
Yes, that is correct.
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