With QuickBooks, you can expect all the professional-level accounting Consultant that you so far did manually. In fact, with QuickBooks, it is a lot easier to “clear uncleared transactions in QuickBooks” With the program you can.
Thus there are many things you can expect from this simple-looking software. One such thing is How to clear uncleared transactions in QuickBooks.
- Put your books of accounts on the cloud.
- Get your hands on your company financials as and when required.
- Add, remove or even edit any transaction you want.
- Rectify or reconcile entries without creating a lot of mess.
- Customize reports and set things according to your preferences.
Table of Contents
What is an Uncleared Transaction in QuickBooks
Before we can jump on to find how to clear uncleared transactions in QuickBooks, it is really important to first understand what they are. There basically are 3 types of entries found within your QuickBooks accounting software. One being cleared transaction, another being an uncleared transaction, and the next and final being a working figure.
- Cleared transactions: These are any transactions that you have put in your accounting books that have been cleared by the bank.
- Uncleared transactions: Uncleared transactions are any entries lying within your books of accounts that are still not cleared by your bank. It may also mean that your bank doesn’t know about these payments.
For e.g, You have in total paid 3 checks to pay your household bills. Now within your account statement, you only see 2 checks being reflected, what does it mean?
Well, This means that out of 3 checks, two are cleared entries and the last one is still an uncleared transaction and your bank is still to acknowledge the same.
- Working figure: This is an amount that is being reflected in your bank accounting statement. If we take the example above then out of 3 checks, two checks that are being reflected on your statement will be your working figure.
How to Clear Uncleared Transactions in QuickBooks
If you have an uncleared entry within that gets flashed in your QuickBooks every single month then it can be because of the following reasons:
- The check has never been cashed by the check holder.
- It may be a duplicate entry that has occurred due to an error.
Though whatever the case may be, if you are facing issues because of uncleared transactions then follow the steps below:
Steps to Clear Uncleared Transactions in QuickBooks
If you know that the uncleared transaction is something that you don’t want in your statements then the best solution is to void the same. To void an entry follow the steps:
- From your QuickBooks dashboard, click on the transactions tab.
- From the drop-down option, choose the sales entries. This will now open up a window for all your sales transactions for a given day.
- Find the uncleared transactions that need to be avoided and click over them.
- You will now see a detailed view of an entry.
- Scroll down to the bottom of the screen and click on the More tab.
- From the options provided, click on the void option.
- Choose yes to confirm your entry.
Once your transaction is voided you will successfully be able to remove any uncleared entry.
Steps to Run an Uncleared Transaction Report in QuickBooks
So, now that you know what uncleared transactions are, it will be a good idea to run a report of all the uncleared transactions within your statement. This will help you not only maintain a record of your financials but will also allow you to secure a poof. Thus before you ask me, how to clear uncleared transactions in QuickBooks, let’s figure out how to run an uncleared transaction report in QuickBooks.
- Launch QuickBooks and from the top navigation panel, choose to click on the reports
- Choose a balance sheet drop-down button from the list of options provided.
- Click on the amounts tab and choose to customize You can locate the option on the top left corner of your screen.
- From the dialogue box that appears, select the list
- Choose the account for which you want to run an uncleared transaction report for.
- Click on the All tab, under the distribution accounts button.
- Now filter your preferences by selecting the status Select, uncleared entries, and run the report.
- Your uncleared transaction report will appear on your screen. Save the report if you want.
- To do this click on the save customization button and save the file on your system.
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