Editing Book Keeping Task/Reconciliation

From PCSAR

Warning: You are not logged in. Your IP address will be recorded in this page's edit history.

The edit can be undone. Please check the comparison below to verify that this is what you want to do, and then save the changes below to finish undoing the edit.

The auditors for the 2014-2015 year noted:
"All cash accounts should be reconciled at the end of each Bank Statement.  This includes Casino and GIC accounts.
All accounts should have a print-out proving reconciliations for each account,
attached to the appropriate Bank Statement."

During the reconciliation process, don't just check the amounts.  Also check (and if necessary correct) the date of the transaction.

== Editing after reconciliation ==
Under normal circumstances, once a transaction is reconciled, it should not be further edited.
Doing so can cause serious problems where the reconciliation is no longer valid, and it will take a lot of work to fix the problem.
This one one of the major problems found during the [[Members:Audit/2016-2017#Edit_after_reconciliation|2016-2017 audit]].

While editing (or deleting) an already reconciled transaction is occasionally necessary, it must be done carefully.
When making the change QuickBooks will warn that you are changing a reconciled transaction.

[[Image:Edit reconciliation warning.png]]

{{standout box|
If you see this warning, '''think!'''
Do you really need to edit this transaction?
It will cause you extra work.

If you do in fact need to edit it,
how can you avoid this extra work in the future?
Could you have done the edit before the reconciliation?
Could you have caught the error during the reconciliation?
}}

After making the change and '''before doing any other work in QuickBooks''',
you must make sure that the reconciliation is correct.
'''If you do any other work in QuickBooks, you may have to delete all the work that you have done and start over'''.

First, if you're lucky, the reconciled balance may still be correct despite your edit.
You can check by selecting "Gear" > "Reconcile" and checking that the "Beginning balance" for the affected accounts
match the closing balance on the last reconciled statements.

[[Image:Reconciliation beginning balance off.png]]

If the beginning balance is correct and you do not see the warning above, you can proceed with your work, skipping the steps below.

If this is not the case, you must fix the reconciliation problem.

Find the transaction that you edited.
Choose "Accounting" > "Chart of Accounts".
Find the account related.  Select "Account History".
Scroll to find the transaction.

[[Image:QBO example dereconciled.pdf|800px]]

The transaction should show that it's not reconciled (blank in the circle in the illustration).

Click on the transaction.

[[Image:QBO example reconcile transaction edit.pdf|800px]]

Click twice on the reconciliation spot, to turn it from blank to "R".

[[Image:QBO example rereconcile.pdf|800px]]

Click on "Save".
You'll see a warning.

[[Image:QBO example Rereconcile verify.png]]

Click on "Yes".

Now the transaction should be reconciled again.  Check to see the "R" on it.

[[Image:QBO example rereconciled.pdf|800px]]

Finally, check to see if the overall reconciliation is correct.
You can check by selecting "Gear" > "Reconcile" and checking that the "Beginning balance" for the affected accounts
match the closing balance on the last reconciled statements.

[[Image:Reconcile normal.png]]

'''You should not see a warning.'''
If there is a warning, you are not done.
You'll need to investigate further.
Don't do any other work in Quick Books or you'll likely have to delete it all and start over.
== Undo reconciliation ==
Under some circumstances it may be practical to use the special "undo reconciliation" feature.

This will likely only make sense if:
* only the latest reconciliation needs undoing
* several transactions were changed such that using the above procedure is onerous
* you have access to someone that has signed up to the Canadian QuickBooks Online Accountant (QBOA) feature
* that person's time is available within the timeframe you need
If not all of these things are true, you're better to use the procedure described above.

The person you are inviting to be an "Accountant" for the books, should have access to the ''Canadian'' QuickBooks Online Accountant feature, not the ''US'' version which is the default.  [[Members:Book Keeping Task/QuickBooks/Online Accountant|See here]].

If not already established invite the person with QBOA to be an "Accountant" for the books.
Go to "Gear" > "Your Company" > "Manage Users" > "Accounting firms" > "Invite".

The person with QBOA will follow [https://quickbooks.intuit.com/community/Help-Articles/Undo-your-client-s-reconciliations-with-QuickBooks-Online/m-p/262360 this procedure] ({{link|Image:Members:Undo-your-client-s-reconciliations-with-QuickBooks-Online.pdf|cached}}).

Please note that all contributions to PCSAR are considered to be released under the Attribution-Share Alike 3.0 Unported (see PCSAR:Copyrights for details). If you don't want your writing to be edited mercilessly and redistributed at will, then don't submit it here.
You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource. DO NOT SUBMIT COPYRIGHTED WORK WITHOUT PERMISSION!

Summary:

Cancel | Editing help (opens in new window)

Templates used on this page:

Retrieved from "http://pcsar.dyndns.org:8080/mediawiki/index.php/Book_Keeping_Task/Reconciliation"

@@ Line 5: / Line 5: @@
 During the reconciliation process, don't just check the amounts.  Also check (and if necessary correct) the date of the transaction.
-== Internal transfers ==
-Sometimes you will see a pair of opposite transfers as uncleared transactions.
-These are internal transfers between the Fund-based subaccounts of a bank account.  As such you will see both sides of the transaction when you are reconciling the account, the transfer from one subaccount and the transfer to the other subaccount.  As they're internal transfers of the same bank account, they will not appear on the bank statement.  Clear both sides of the internal transfer when you are reconciling the next statement.
-== Stale dated cheques ==
-If you find any cheques that are older than 6 months prior to the date of the reconciliation, they are stale dated.
-See
-{{link|Book Keeping Task/Stale cheques}}.
 == Editing after reconciliation ==
@@ Line 91: / Line 83: @@
 This will likely only make sense if:
+* only the latest reconciliation needs undoing
 * several transactions were changed such that using the above procedure is onerous
 * you have access to someone that has signed up to the Canadian QuickBooks Online Accountant (QBOA) feature

Editing Book Keeping Task/Reconciliation

From PCSAR

Views

Personal tools

Navigation

Search

Toolbox