Bank Reconciliatio

[Holly H]

I have a savings account that has not been reconciled since Oct of 2008; my balance is correct with the bank statement today. How can I get the reconciliations up-to-date? I cannot simply enter all the traansactions as the accountant has made adjusting entrys at each year end. Can anyone help??

[qbqcca]

I have a savings account that has not been reconciled since Oct of 2008; (1)my balance is correct with the bank statement today. How can I get the reconciliations up-to-date? (2)I cannot simply enter all the traansactions as the accountant has made adjusting entrys at each year end. Can anyone help??

(1) Does this mean that the Balance in QB and the Balance on your Bank Statement are the same?
.....Which would mean all previous items have been entered?

(2) This question suggests that all the previous entries are not entered?
......Which would mean that they bank is not in balance?

Please clarify so I can suggest to appropriate action.

Thanks
Warren

[Holly H]

Warren
Although my bank balance and QB balances agree, it is due in part to my accountants adjusting entries at year end. Not every activity in the account was entered in the month that it happened in the previous fiscal year; the balance was adjusted at year end by the adjusting entry. My current fiscal year entrys are all done and up-to-date. I don't know what to do to get my bank reconciliation from the date it is at now (Oct. 2008) up to the beginning of this fiscal year Nov.2009.

[RobJoy]

I don't think you have a problem. If you do the reconciliation as of today, and the balance on the QB account is the same as the bank's, just put the figure in and click on Mark All. Job done.

Your accountant obviously knows about previous inaccuracies since he has specified adjusting journals, so he'll just be glad not to have to do it again this year!

[qbqcca]

Warren
Although my bank balance and QB balances agree, it is due in part to my accountants adjusting entries at year end. Not every activity in the account was entered in the month that it happened in the previous fiscal year; the balance was adjusted at year end by the adjusting entry. My current fiscal year entrys are all done and up-to-date. I don't know what to do to get my bank reconciliation from the date it is at now (Oct. 2008) up to the beginning of this fiscal year Nov.2009.

Joyce is correct you shouldn't have a problem as your accountants entered the missing transactions, all be it as a single entry.

But I would do a Bank Rec first for November 2009 as that is the one which will have the most transactions in it, and give a clean start to your current year.

There is a box at the top right corner of the reconciliation screen which allows you only to see the transactions up to the date of the reconciliation you are doing.

You can also use the "tick all" button which will save you a lot of time clicking all those transactions, then using the Dec 2009 Bank Statement un-click any checks or deposits which cleared in December that were recorded in your books prior to November 31. At this point the difference at the bottom right hand corner of the reconciliation screen should be Zero.

You can then continue to do the current years rec's. either by doing each month, quarter or the year as a whole. Which ever method you would prefer.

Sure hope this helps
Warren

[Holly H]

:) Thanks so much---my problem is fixed and all worked out great. This was my first time using a forum and I am so pleased. You were very helpful.
Thanks again