Currently, there is no option to reconcile undeposited funds account. The undeposited funds account is not on the listing of accounts that can be reconciled like for bank, credit card and other assets and liabilities accounts.
Interestingly, it’s sort of automatically reconciled when existing payments from the undeposited funds transferred to the bank account. What’s left in the account is treated as unreconciled status. To get the unreconciled status data, you can get the information directly from the undeposited funds register, you will need to follow these steps:
From the home page screen > left navigation bar > transactions > chart of accounts > select undeposited funds account and click view register under action column > once you’re on the asset register, click little funnel icon arrow down > select ” Not Reconciled” under reconcile status > select all dates > apply
All the items remaining on top without “R” sign (payment and sales receipt) represents “Not Reconciled” status. The total amount should match with the shown “Ending Balance” on top of the register. You can print or download to excel this report.
The only problem with this report is, there is no way to get the running balance that they took it out on their last update. When sort, you will see “n/a” only with no balance or grand total. If you think you need running balance or grand total instead of “n/a” only, send them your feedback request here:
It really depends upon how they were reported in previous year’s Financial Statement Report.
Let’s take examples and assume the ending bank balance per the bank statement is $11,000. There is also one check you wrote for $10,000 has not cleared the bank yet. In your books, the actual bank balance should be $1,000, right?
Example #1: You have already reported $10,000 as an expense in the previous year’s financial statement.
Since you have already reported, you do not want to expense it again in the current year. You would post $10,000 check as “Prior year” activity, with a prior date. This way, you can put the bank statement’s ending balance and have the uncleared check as outstanding, for the purpose of bank reconciliation.
Example #2: You have not reported $10,000 as an expense in the previous year’s financial statement.
This becomes your current year financial activity when the check has cashed the bank. If you are downloading banking transactions, you would expense it when the bank posted the transaction. In setting up QuickBooks file, the bank balance is $11,000, the same as the bank statement balance.
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Yes, you can add Class or changes after reconciling the transactions. As long as the change doesn’t include the date and amount of the reconciled transaction. There is no need to undo bank reconciliation to add Class in QBO.
Undo bank reconciliation feature is not available in any plans at this time. It is available in Accountant version only.
In order to UNDO IT, first log in to your QBOA account
Go to Client home page screen
Click the company gear (upper right corner)
Click Reconcile under Tools
Select Bank Account to UNDO reconciliation
Hover your mouse cursor over the reconciliation month you want to undo (under Ending Balance or Auto Adjustment or any column) and as you are hovering you will see UNDO button to the right next to Auto Adjustment column
Select UNDO button
New Undo Reconciliation screen will open
Next, Success screen will open
Click OK again
It will longer be on the Reconciliation History & Reports list.
NOTE: If you need to sign up for QuickBooks Online Accountant version, you can do it from here and the price is right (it’s FREE):