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Reconcile an account for multiple months or years of transactions and financial statements

If you have several months or even years of transactions in QuickBooks Desktop that have not been reconciled with your financial statements, you can reconcile them without having to do so one month at a time.

If your unreconciled transactions and statements span multiple fiscal years, the recommended method to reconcile them is one year at a time. Using this method, all adjustments, service fees, and interest you enter during the reconciliation process will apply to the year in which those transactions occurred. However, you may wish to consult with your accountant or attorney regarding the best method for you to reconcile statements and transactions for multiple years.

How to fix it

To reconcile one year at a time:

  1. Create a back up copy of your company file.
  2. Select a financial statement to use for the ending balance:
    • If all the periods you need to reconcile are in the current fiscal year, select the most recent statement from your financial institution.
    • If you are reconciling prior years, select the financial statement for the last month in the oldest fiscal year you need to reconcile.
  4. From the Banking menu, click Reconcile.
  5. From the Account drop-down, select the account you want to reconcile .
  6. In the Statement Date field, enter the date from the financial statement you selected in step 2.
  7. Enter the Ending Balance.
  8. Compare the amount shown in the Beginning Balance field with the opening balance on the oldest statement you need to reconcile. If the beginning balance does not match, click here.
  9. Enter the total Service Charge and Interest Earned:
    1. Add the service charges from all financial statements for the year or portion of the year you are reconciling and enter the total in the Service Charge field.
    2. Enter the statement date from the ending financial statement you selected in step 2.
    3. Click the Account drop-down and select the correct account for the service charges.
    4. Repeat steps 8.a through 8.c for interest earned, entering the amount in the Interest Earned field.
  10. Click Continue to open the Reconcile window.
  11. Select Hide transactions after the statement's end date in the upper right corner of the window so QuickBooks Dekstop displays only the transactions dated on or before the statement date.
  12. Click the checkmark column next to each transaction that appears on the financial statement you selected in step 2. Repeat this step for each prior statement in the period you are reconciling. When you have finished, all transactions in the window should be selected.
  13. When you have finished selecting the transactions, look at the Difference amount in the bottom right corner of the Reconcile window:
    • If the amount is 0.00, click Reconcile Now. You have reconciled the account.
    • If the amount is not 0.00, your account does not balance for the period. Choose one of these options:
      • Start again at step 6, making sure all amounts and transactions have been recorded correctly.
      • Click Reconcile Now, and then click Enter Adjustment. QuickBooks will enter an adjustment for you to reconcile the account. Note any adjustments you make so you can review them with your accountant.
  14. (Optional) Repeat steps 2 through 12 for the next and subsequent years until the account reconciliation is up to date.
KB ID# SLN40865
4/28/2017 10:52:15 AM
QYPPRDQBKSWS07 9138 Pro 2017 4de890