Reconciliation is a process in which you match the transactions in QuickBooks with your bank account or credit card account. QuickBooks allows you to perform this process on a regular basis. However, sometimes you may face some issues when you have already reconciled the transactions but they are shown as unreconciled. Some of the most possible causes of this issue are as follow:
- You mistakenly clicked on Undo Last Reconciliation.
- Some changes were made in the reconciled transactions or they were completely removed.
- The cleared transactions were name marked in the account register.
- Funds were transferred from a previously reconciled bank account to its sub-account.
- The company was converted from QuickBooks to Mac to Windows or QuickBooks Online to desktop.
- The transactions were never reconciled in the company file (perhaps a backup was restored and overrode the file where the reconciled transactions existed).
The reason might be anything but whenever you face this issue, you will have to reconcile the transactions again. You can perform a mini reconciliation or special reconciliation can helps you to process this task. There are basically two options that you can perform to complete this process. You can select any method to complete the task.
This method requires an off-cycle reconciliation date and you should also know the ending balance from the most recent reconciliation.
Reconcile A Bank Account
- From the main menu of QuickBooks, go to Banking and select Reconcile.
- Select the Account you need to reconcile.
- Enter a date for an off-cycle reconciliation in the Date of Statement The date can be any date between the last and the next scheduled reconciliation. Note: When you use an “off-cycle” date, you will be reminded that a mini reconciliation is being used to put previously unreconciled transactions back without affecting the “cycle” that they follow.
- Enter the balance of your last successful reconciliation in the Ending Balance field and then click on Continue.
- Validate the transactions that you are reconciling.
- The Difference field should shows $0.00 then click Reconcile Now.
Reconcile A Credit Card Account
- Follow the above steps again to reconcile a bank account but this time you have to select credit card account.
- Click on Reconcile Now from the Credit Card reconciliation window. Now, you will be asked to create a Payment Check or Create a Bill to Pay Later.
- Click on the Create a Bill
- Once you print the Reconciliation Report, you will get a bill on your screen for the Credit Card. The amount on the will is balance you just reconciled.
- Select Clear option to remove all the information from the bill.
- Close the Bill Window.
- A bill is not created and it will not affect your credit card balance.
This method requires a date different than the most recent reconciliation and doesn’t require you to know the ending balance from the last reconciliation.
Reconcile a bank account
- From the main menu, go to Banking and then select Reconcile.
- Choose the account that you want to reconcile.
- Enter an off-cycle date in the Date of Statement This date should be of within the statement period on which the transaction is shown. This will make sure that the transaction appears in the proper reconciliation report period.
- Enter $1.00 in the Ending Balance field and then click on Continue. Note that $1.00 is an arbitrary figure to start the reconciliation process and can be changed in further steps.
- Validate the transactions on the Reconcile window.
- Note down the Cleared Balance amount from the bottom right.
- Select the Modify option to open the begin reconciliation window again.
- Enter the Cleared Balance in the Ending Balance field and then click on Continue.
- The difference should now be zero. If yes then click on Reconcile Now
Reconcile a credit card account
- Perform the same procedure to go to the Reconcile window but select Credit Card account this time.
- Click on Reconcile Now and QuickBooks will show a message that says: The outstanding balance on this account is $______.To pay all or a portion of this amount, select the payment type and click OK.To leave the balance in reconciled account, click Cancel.
- Make sure that when you create a bill that you can’t pay now, QuickBooks and your payment will be put outside of the sync because QuickBooks shows a payment but your statement doesn’t
- Click on Cancel on the message window.
Reach Us For Support
The provided steps should allow you to reconcile previously deleted and re-entered checking or credit card. However, there can be certain issues that you can face while reconciling the transactions. In such situations, you will have to connect with a QuickBooks Expert to resolve your issues. For this, you can contact us at our toll-free QuickBooks Tech Support Number +1888-396-0208 and get an instant resolution for all your errors and issues that you face in your QuickBooks software.