Hello, Thank you for your videos, they are very helpful. I have a question about reconciliation discrepancy - I have an account I can't move on with reconciling because of the discrepancy due to deleted duplicate transaction (it was intentional) which has been reconciled before deleted. Now my balance is off by the amount of that transaction. Is it ok to use forced Adjusting entry by QBO to help me move on? Would this entry affect the P&L and what should be my steps after the adjusting entry is posted?
You can do a Jornal Entry for that. I never use QBO adjustment because it does impact the Profit and Loss since usually it is an expense account. It should match if all transactions match the bank statement if not there is something wrong with the reconciliation.
Very helpful
Regards
Dinesh k prajapati
So glad you liked it!
Hello,
Thank you for your videos, they are very helpful.
I have a question about reconciliation discrepancy - I have an account I can't move on with reconciling because of the discrepancy due to deleted duplicate transaction (it was intentional) which has been reconciled before deleted. Now my balance is off by the amount of that transaction.
Is it ok to use forced Adjusting entry by QBO to help me move on? Would this entry affect the P&L and what should be my steps after the adjusting entry is posted?
You can do a Jornal Entry for that. I never use QBO adjustment because it does impact the Profit and Loss since usually it is an expense account. It should match if all transactions match the bank statement if not there is something wrong with the reconciliation.
This was so helpful! Thank you-
Glad it was helpful!
What happens if all the deposits and payments match the bank statement and there still is a balance?
Then you will need to go item by item and compare to the statement to find transactions that are either duplicated or recorded to the wrong account.
how much do you charge?
I charge $125 for a one hour session.