How to Clean Up Old Uncleared Transactions in QuickBooks Online
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- Опубликовано: 24 июл 2024
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Index
00:00 Introduction
00:30 Purpose of the video
01:32 Screen sharing begins with QuickBooks Online
01:48 Running the balance sheet
03:39 Saving a customized report
04:53 Diving into the register of an account
07:29 What to do when you have an erroneous transaction
08:35 Adding in details to the transaction
09:56 Recap of the process
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I just found you on youtube. Very clear instruction and you are easy to listen too. Thank you!
Thank you! That means a lot to me!!
I'm learning a lot from you ✨ Thanks for sharing your knowledge! Very straightforward.
Thank you for covering this!
This is really good! I have a few clients who came with old uncleared transactions I had no idea what to do with. Thank you!
Thank you! I am so glad this helped!
Love ur teaching style!!
Thank you, that means a lot to me!
Very precise and straight instructions sir 🙏
Why thank you! I appreciate the comment!
Love this tip. Thank you!
Thank you Heidi!
Always good stuff!!
Thank you!
I am watching from Bangladesh. You're tutorial is really very good.
Thank you!
I find your videos really helpful, thank you! I am just starting out as a US bookkeeper trying to touch base with micro/startup businesses who can't afford a more experienced bookkeeper yet just to get me started. I want to ask regarding the account you booked it to, "Travel and Transportation" in 2023. Wouldn't it affect the current balance of the expense thus affecting the current P&L?
Hey thank you so much! I'm glad you find my videos helpful 🤓.
I'd have to review the video to see what you're referring to because it's been a while, but generally if the thing you're clearing out happened in the current year, you can clear it against the original expense account.
If it's from a prior period, then you want to use "Prior Period Adjustments" (Other Expense). The mistake people make here is they post it to Retained Earnings which makes a mess.
Thank you for this video. I'm still learning and I have a question. I see everyone going through the balance sheet to find uncleared transaction I've been taught to go to the recon report. Does it matter?
I think it's much easier to filter and then access and edit transactions by drilling in from the balance sheet. But if the recon report works for you, and you're not missing any transactions, then stick with what works.
Thank so much!@@nerdenterprises
Great video! It was very easy to understand. However, what do you do when you have an uncleared deposit? Thank you
I'm not clear on what you're asking since that is exactly what this video teaches?
If you have uncleared expenses, you fix them with uncleared deposits to offset them.
If you have an uncleared deposit, you fix it with an expense.
Let me know if that answers your question.
Thank you!
Hello…I have a few JE that are “hanging out” from 3 years ago. One being YE entries done by an old accountant….They were never “checked” in a reconciliation so never cleared. How do I clear these without screwing up the financials for that year? Thank you.
Hi there. You might be able to reverse the journal entry as of Jan 1 of this year, and that will create an offsetting entry in the bank account that you can clear against the original, but you have to look at the other side of the entry and what that was meant to accomplish, because the reversal will also reverse that part. For a timing issue, this is perfectly appropriate, but if the other side of the entry was something that needs to stay that way, then you need to consider another account such as "Prior Period Adjustments" (Other Expense) for the reversal.
I also replied to you in my Slack workspace 😉.
Thank you! I have attached the JE in question. Should I use the “prior period adjustment” account to offset each of these entries to get them off the reconciliation?
regarding the expense transaction that you reversed by making it a deposit, do you then need to reconcile that deposited transaction and how do you do that? Plus also what about uncleared Transfer transactions or deposits, how would you reverse those?
Hi!
By entering the deposit (reversal) you will now have a deposit that you can check off against the original uncleared transaction to zero out in the reconciliation. If the original uncleared transaction is a deposit, you would reverse it with an expense.
The transfer you could create another transfer where you flip the Form and to accounts.
@@nerdenterprises thank you this helps!
How do I filter for uncleared transactions after the latest QBO update? The filter option is different.
Intuit has recently made significant changes to this area (Reports). I will have to do a lot of updated videos to show how to make these changes.
Here's a quick answer:
1. Run the Balance Sheet
2. Click into the bank account from the balance sheet.
3. You should be looking at the "Table" view
4. For now, you can click 'switch to classic view' and do it the old way.
5. In the new reports layout click Filter, then Add Condition.
6. Select Clr, and set it to Equals, Uncleared
Here's a screenshot that should help:
nerdyurl.com/QBO-Modern-Reports-Uncleared
Hi, i have a question, why you have used deposit to cancel the effect of old expence?
@@monafaizan9215 because an expense represents outgoing funds and if it will never clear the only way to offset that is with incoming funds which means a deposit. Then when you reconcile you can clear both items against one another.
Hi. Why did you reverse it against the banking account? Thank you.
So that you can clear them off against the original transactions when you reconcile. This will have 0 impact on the reconciled balance while you are cleaning up the old uncleared transactions.
@@nerdenterprises Thank you!
Thank you for this lesson. I have been working on the reconciliation for quite a bit.
So when I go to the bank deposit, it won't go to the right page, seems like. It leads me to the blank bank deposit page. What am I doing wrong?
I need more information. What are you trying to do? What are you expecting to see?
Thanks so much!! On your video at 8:10(time) you click "bank deposit" and the page is
now "select the payment included in this deposit" and down there it says" add funds to this deposit".
But when I click "bank deposit" it doesn't go to the page I want. It only open the new bank deposit page. Do I need to select something before I click bank deposit?
If it doesn't show payments to deposit that suggests there is nothing in Undeposited funds.
If your balance sheet shows undeposited funds with a balance click in there. It may be that someone posted entries directly to Undeposited funds. The only way money should ever go into undeposited funds is from a payment on an invoice. @@user-fv4rx6we3f
I see. We do not use invoice. We are non profit...
So if I have an cleared payment from previous year it just sitting there uncleared. I tried many to fix things and made it worse.
Thanks anyway. I will try watching some more videos.
@@user-fv4rx6we3f If it is just an uncleared entry in a bank account, you can reverse it by posting something in the current period.
So if you have a deposit from a prior year for $100 that never actually cleared, post an expense on Jan 1 of this year for $100 and post it to the same account that the original deposit was posted to.
Then the next time you reconcile you can clear these two entries against one another, and you will balance.
I have 2018 QB, need to check off deposits into the bank , what do I do ? Thanks
Hi! I'm sorry I don't understand what you are asking. Can you please give a little more detail?
If you are using that old a version in desktop, you may not be able to download from the bank? I mainly focus on QB Online, but I used Desktop for many years, so if you can explain a little more, I can try and help.
@@nerdenterprises we have bank deposits , eft drafts in the bank- on QB we do entires for those deposits- run a report to see the items posted and compare those 2 to be sure we haven’t left any not posted to QB that were deposited
There is a place in QB that you put a check mark to show you have the $$, I can’t remember what part of QB to perform this function
how about JE the total of all uncleared transactions then do one magic reconciliation to clear them out instead of doing one by one?
It'll work, but it's not as clean - especially if you don't split it up to reverse against the same expense accounts that the uncleared transactions were originally booked to.
@@nerdenterprises If taxes are filed, will it affect anything? Also, a CPA told me there is no need of cleaning-up uncleared transactions if reconciliation is up-to-date, I told them these should be done to get them of QBO, but he insisted, NO! what is your response to this CPA?
@@relaxedclub9425 My response is that not clearing up these old uncleared items means the Bank Balance per books is completely unreliable and while for the CPA it may not matter because they are only concerned with filing the tax returns, for the client / business owner it matters very much because they have a business to run all year and in order to do that with confidence, they need to be able to look at that bank balance (and everything else on the balance sheet) and feel confident that the information it accurate and reliable.
And send them the link to this video 😉.
If you book the reversals in the current year it does not affect any years where taxes are filed.