Reconcile with Bank Statement

Does your "Opening Balance" on the Bank Statement equal your "Opening Balance" on the QuickBooks Reconciliation screen?

It is common for these numbers to be different because of some change that was made to the books after the last reconciliation.

If they are different, we can help you find the difference.

After I have checked all deposits and credits and reconciled to the bank statement, I click the reconcile button in the lower left corner of the screen and the hour glass appears and then the system stops responding. I have installed R7 but the problem is not resolved. HELP!

Once a reconciliation is completed, is there any way to undue the reconciliation because of a mistake?

Hi MIKESR,

Welcome to the QuickBooks community. Yes you can undo the prior reconciliation report in QuickBooks. To do this you just need to open the reconciliation window. Click on the locate discrepancies button. Select the account you want to undo the reconcile on and then click the button in the lower left corner that says undo reconcile. One note on this is that it will only undo the most recently completed reconcile. I hope this helps.

Yes, BUT, how do you accomplish the undo reconcile on older, i.e. 2003 QB Basic, since a number of changes that have been made to QB 2004 and newer are not available on the 2003 QB Basic? (Unfortunately, I forced a reconcile of $381.18 on the most recent month's reconcile and the reconcile now shows an ending balance over by that amount.) Any help would be GREATLY appreciated> Paulo264

Did you transfer all data from the older version of QB to the newer version? If this is the case, then all of your banking transactions will show in your check register with check marks for the items you have reconciiled.

When you say you"forced a reconcile of $381.18", do you mean your bank statment was understated by $381.18...whereas you had to make a credit adjustment (similar to a check being written against the account) in order for your account to reconcile, or do you mean that your bank statment was overstated by $381.18....whereas you made a debit adjustment (similar to a deposit)so that your bank account would reconcile?

In either case, you can try going back through your bank register and locating the $381.18 adjustment you made, click "edit", "transaction" and delete. I don't know if this will solve any problems with previous reconicilations, but it will make it so that your current bank statment will reconcile correctly. Hope this helps :-)