To view or print the previous bank reconciliation report:
1. From the left Dashboard, select Reports.
2. Go to “For my accountant” section and select Reconciliation Reports.
3. Select Account. Select Report period.
4. Select “Statement Ending Date”.
5. Click “View Report” under Action column.
6. Click Print icon to print the report.
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.
Year-end is quickly approaching. Be prepared for the year-end. Here is a 10-point checklist you should go through to keep your QuickBooks Online accounts in order and plan for the year-end processing.
Make sure all bank reconciliations are up to date. This includes credit card accounts as well. Review any unmatched items (both deposits and payments) that you would not expect to be outstanding. This may be the result of a duplicate entry.
It is important these banks reconciliations are printed (or saved) at year-end.
Click on the screenshots below to enlarge them
Make sure all the customer payment items in Undeposited Funds account have not yet been deposited to the bank account. If all the deposits are already posted to the bank account, this account should show zero balance. Any balance in Undeposited Funds account (even after bank accounts are already reconciled) may be the result of a duplicate entry. Review income and account receivable accounts and resolve it.
A/R and A/P Balances on Cash Basis
Run the Balance Sheet on the cash basis accounting method. If the transactions were properly recorded, these two accounts should not show a balance in the Balance Sheet.
Make sure Employee Advances account is reconciled. This account should include the advances that are yet to be repaid or have not been deducted from the payroll.
Payment to Independent Contractors (1099s)
Make sure you have IRS Form W-9 on file and they are up to date.
You can google 1099 and W-9 for all the handy information you need.
Other Balance Sheet Accounts
Review all other balance sheet accounts. Make sure all assets and liabilities are shown properly. It is also time to make adjustment entries if necessary.
Depreciation on Fixed Assets
If you have posted your depreciation on fixed assets entry, make sure these are up to date. If not, consult your Accountant.
Uncategorized Income & Expense / Ask your Accountant
If you have any uncategorized income and expense in P&L that have been used to post entries that you aren’t sure what to do with, now is the time to have a look. If needed, ask your Accountant and resolve it. Also, review all income and expense accounts and make sure it makes sense.
Keep a separate spreadsheet Account Analysis of Retained Earnings account. This account should include income or loss from prior years. It may also include reclassifying transactions within equity type accounts. Consult your Accountant if it involves any entry posted from outside of equity accounts.
Close the books
Close the books once you have submitted final numbers to your Accountant for review and tax preparation. Consult your Accountant in case there is a need to make changes.
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):
There is no simple and easy answer. There may be couple of reasons why the beginning balance could change.
1) Edited or changed transaction amount after reconciliation
2) Deleted transaction amount after reconciliation
3) Changed the “R” status manually from the bank register
In other words, prior months financials were restated after the bank reconciliation.
First, just because the beginning balance amount changed, does not necessarily mean the ending balance is wrong as well. You should first try reconciliation with the ending balance (although the beginning balance is different) to see if there is reconciliation difference due to prior months changes.
You should also check the bank register (blue navigation bar on the left > transactions > registers > double click bank account in question > go to register> look for missing “R” after reconciliation
In order to see any bank transactions were deleted after reconciliation, you should see “Audit Log” report (blue navigation bar on the left > transactions > reports > go to report type audit log
QuickBooks Online doesn’t have an Undo Last Reconciliation feature. To unreconcile a reconciliation you’ll need to unreconcile each transaction via the register.
To access and print a previous reconciliation report:
From the gear icon go to Reconcile.
Choose the account from the drop-down list.
Click on the desired reconciliation report.
Once the report is open, click Print.
To undo a reconciliation:
Select Transactions on the left menu then Registers.
Click on the account then click Go to Register
Find the transactions that need to be unreconciled, one at a time.
To highlight click on the transaction.
Click on the R on the top line of the transaction, which is between the Payment and Deposit or Charge and Payment amount. Clicking in this field will allow you to change the status of the transaction to the desired status from blank = unreconciled to C = Cleared.
Click on Save.
A message will appear: This transaction has already been reconciled. You should only remove the R if you’re correcting a mistake. Are you sure you want to remove the R? click Yes.
Continue this process for each transaction on the reconciliation report or statement you want to unreconcile.
Another way to get there is from the homepage screen
From the blue navigation bar on the left, select Transactions
Locate and double click the bank account(or credit card account) to reconcile
On the bottom left is the Reconcile button.
When you reconcile, it is very important to make sure the difference (at the bottom) is zero amount. Do not go for an Auto Adjustment as that will be automatically posted to Reconciliation Discrepancies as an expense in P&L.