reconciliation

Forum|Forum|5 years ago
May 21, 2021
1 reply
0 views

So I am in over my head. We bought quickbooks for our business in July of 2020 and I have taught myself as best I could how to use it. I only recently learned (from my accountant) that I needed to reconcile every month. I did each month July- Dec. Then my accountant explained I could download my bank statements from Jan-June and reconcile those months. He told me to change my opening balance to whatever was the opening balance from January statement. I did this. But when I go to January to reconcile, my beginning balance is incorrect. I thought maybe I should start with June and work backward. The beginning balance there is incorrect as well. I have no idea what I am doing at this point or if I have completely messed up.

Catherine_B

Level 9

I can help you reconcile your accounts, ABurge.

The beginning balance is entered once you create the account. It is the starting point for accounts and if it’s incorrect, it affects all following reconciliations. No worries, we can help you review and fix it. Just ensure that your bank statements per month match those you select and reconcile in QuickBooks.

You can also run the reconciliation report for the previous months you have already reconciled to see the changes. Here's how:

Click Reports and enter and select in the search field Reconciliation Reports.
Select the Account and set the Report period to All Dates.
From the results click View report.
In the first section of the report, you'll see the changes made.

You can check out our complete reconciliation guide for more detailed steps.

Keep me posted if you have other questions. Take care!

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