Have any questions for our team about Bookkeeping Processes?

We had closed the books of account  for year ended 31st December 2021. In the Year 2023 we decided to get the books audited and consequent to the Audit, year end Balances as at 31st December 2021 changed. How do we revise the Opening Balances for 1st January 2022.  Is there a process to override the opening balances with Audit Trail?

Regards,

Alok Sharma

Thanks for joining this thread, @AlokSharma.

The complexity of your concern requires assistance from an accounting expert since it was already closed in prior years. That said, I suggest performing this process in collaboration with your accountant or any other competent financial practitioner to ensure that everything is accurate and avoid messing up your books.

Furthermore, here are some articles you can bookmark to help you with fixing your previous reconciliations:

• Fix issues with your beginning balance for accounts you've reconciled before
• Enter and manage opening balance for an account in QuickBooks Online
• Close your books in QuickBooks Online
• How to view transaction changes in the audit history

Please know that you can always get back to this thread if you have other questions or concerns about managing your bank reconciliations in QBO. I'll be around to provide the information you need. Keep safe!

I do not understand how to edit a deposit that has been reconciled . I have approximately 50 entries that I yours truly entered. My CPA is not familiar with QBO actually he hated working with it when I gave it to him to show me how to reconcile.  I had to leave it with him and I can assure you it's not right.    I recorded payments as Payments to Deposit, and yet they have been reconciled but I know now that it's not correct

Hi HarleyRiderGA,

Thanks for your post in the Community!

You can only unreconcile one transaction at a time. If you need to start over, I'd suggest reaching out to your accountant. They can undo the entire period at once using QuickBooks Online Accountant.

Follow these instructions to undo reconciled transactions one at a time:

1. Go to the Accounting menu. Then select Chart of Accounts.
2. Find the account and select View register. 
3. To help you focus on this task, filter the register to only include the last 60 days of transactions.
4. Review the check column. If the transaction is reconciled, you’ll see an “R.”
5. Select the box and keep clicking it until it's blank. It removes the transaction from the reconciliation.
6. Select Save. Then close your register.

If your accountant has a QuickBooks Online for accountants you can invite them using the steps below:

1. Click the Gear icon in the upper-right corner, and select Manage Users.
2. Go to the Accounting firms tab, and click the Invite button.
3. Enter the accountant's information.
4. Click Save.
5. Let your accountant undo the entire reconciliation.

Check this link also to learn more about how to: Undo or remove transactions from reconciliations in QuickBooks Online.

If there's anything else that I can help you with, please let me know in the comments. Stay safe!

I am in the process of a bank reconciliation. I have a transaction that has an incorrect amount showing in the account. I have clicked Edit and gone into the transaction to change the amount to match the bank statement and it is showing the correct amount, so I get out of it and it still shows the incorrect amount. Is there an explanation for this technical error?

I understand that you are experiencing a technical error during the bank reconciliation process in QuickBooks Online (QBO), Jo-Le. I'm here to ensure that your accounts match your bank statements.

We can perform some troubleshooting steps to fix this. There are times when the browser is full of frequently accessed page resources, which causes some errors or unusual responses. 

Let's start accessing your account using a different or private browser. You can use either of these shortcut keys:

• Google Chrome: Ctrl + Shift + N
• Mozilla Firefox: Ctrl + Shift + P
• Microsoft Edge: Ctrl + Shift + P
• Safari: Command + Shift + N

However, If the transaction still shows the incorrect amount, I recommend contacting our Customer Care Team. They have the tools to securely look and investigate why you keep having this issue in your account.

Here's how to reach them:

1. Click the Help menu in the upper-right-hand corner.
2. Type in "Talk to a human", then press Enter.
3. Select Contact Support Team.
4. Type again Talk to a human and click Contact Support Team.
5. Choose a way to connect with us.

Once everything is good and ready to reconcile your account. Visit these helpful resources for reconciling accounts:

• Reconcile an account in QuickBooks Online
• View, print, or export a reconciliation report

Tap the Reply button if you have additional concerns or clarifications about reconciling accounts in the program. I'll be happy to assist you anytime.

How can I match a supplier credit note to a refunded deposit?

Hello there.

In QuickBooks Online (QBO), you can create a Bank deposit affecting Accounts Payable (A/P). Then, link the credit note.

Here's how:

1. Go to the +New button.
2. Under Other, click Bank Deposit.
3. In the Add funds to this deposit window, enter the information.
4. Hit Save and close.

After that, supplier credit and refund will linked, enabling you to match the deposit to the refund on the bank transactions page.

For more details, check this link: Handle supplier refunds and credits.

Additionally, I suggest performing a monthly account reconciliation to ensure the balances on your credit card or bank statements and QuickBooks are the same.

You might also want to consider changing your QuickBooks Community username, as it appears to contain your company ID, which may compromise your privacy and security.

Let me know if you have other questions about handling supplier credit and refund. I'm always here to help. Take care.