Thus today we will figure out how to unreconcile in QuickBooks Online the easy way. Reconciliation statements are important for ensuring the accuracy of books. They also help accountants in figuring out cases of fraud. Still, if you made an error while reconciling a particular account, you can undo the reconciliation easily with QuickBooks. To do so, we will find the reconciliation statement and the reconciled account and then proceed further.
What is the Process of Unreconcile in QuickBooks Online Account
A chart of accounts can be used for searching for a particular account. You can easily view all the reconciled and reconciled accounts. The smart search feature available to QuickBooks users can be used to easily search for particular accounts that might contain the transaction. You can also apply filters to a particular account to narrow down the search. Though the task of filtering down the transaction is easy most people have found issues doing the same.
If you are facing any issues using the Chart of Accounts, then here is an easy way to search for a particular entry. To find a particular reconciliation statement, just follow the steps below…
- From the left navigation menu, select Reports.
- Enter the date range for which you want to filter all the transactions.
- Before doing so, select Transaction List by Date and hit Match.
- Add other filters that might help you in narrowing down your search.
- Select memo and type Reconcile Adjustment.
- Hit Run Report.
Repeat the process for each transaction that you wish to be Unreconciled. Also, make sure to reconcile these transactions at a later date. Leaving transactions unreconciled may cause errors in your books.
Unreconcile in QuickBooks Online using Chart of Accounts
Though many people find issues using the Chart of Accounts for un-reconciliation, if you face issues following the steps above then follow this process.
- From your QuickBooks company file, navigate to the transactions tab.
- From the drop-down menu, click on the Chart of Accounts tab.
- Locate your Bank account on the dashboard and choose the view registers tab.
- Find the entry that you have reconciled and now want to Unreconcile.
- Find the Deposits tab and click on the box alongside it.
- Now edit the status of the field as per your need. If you leave the box empty then this would signify that the transaction has been unreconciled.
- Hit Save and if any dialogue appears then choose to click OK.
Undo Transactions from Reconciliations in QuickBooks Online
Every transaction on your bank statement and every transaction recorded into QuickBooks are compared when you reconcile an account. Your accounts are accurate and balanced if everything matches. However, you will know how to delete certain transactions from the reconciliation if you accidentally reconciled one.
Remember that even little changes can throw your accounts out of balance. You can only unreconciled one transaction at a time to lessen the impact. Get in touch with your accountant if you need to start over fully. Whole reconciliations can only be reversed by accountants.
Step 1: Review the Account
After a reconciliation, if an account doesn’t balance properly, there can be a problem with the account’s initial opening balance. The account’s initial balance or ending balance for the period you are reviewing might also have been recorded incorrectly. To ensure that any possible errors have been ruled out, we advise you to review your opening, beginning, and ending balances.
A single transaction may not be reconciled for several reasons. It may have been reconciled accidentally, or it may be a mistake that has to be removed. Before making any adjustments, it is advised to consult your accountant if you have any questions.
Step 2: Unreconcile a Transaction
Here’s how to edit and unreconcile the transaction after you know which one has to be changed.
- You have to go to Bookkeeping or Accounting, then you have to select Chart of Accounts.
- To reconcile a transaction, find the account that has it.
- Select View register next.
- Track down the transaction.
- An R will appear in the checkmark column if the transaction has been reconciled.
- To expand the view, you have to choose the transaction.
- Select the R-marked box in the checkmarks column until the box is blank.
- By doing this, the transaction is dropped from the reconciliation.
- Then you have to select Save.
- Now you have to close the account register.
Delete the Reconciliation Adjustment in QuickBooks Online
Many a time people create a reconciliation adjustment to reconcile entries. This is done so to balance entries within QuickBooks. If such a thing ever happens then the program creates a note, labeling it as Reconciliation Adjustment.
If you have also ever created such a transaction then you would need to first delete that entry before un-reconcile. You can do so by following the below-given steps.
- Within QuickBooks Dashboard, click on the search option and then hit the Advanced search
- Within the dialogue box that appears, apply the filters as per your need to narrow down your search. The best you can do is:
- Choose the Memos tab.
- Select the parameter as “Contain”.
- Then choose Reconcile from the list of options.
- If you are satisfied with the parameters set, hit search. If everything goes right then you will see entries that you have reconciled so far.
- Select the entry that you want to unreconcile and that also has to reconcile adjustment.
- Delete the note and now reconcile following the above-given steps.
Hope now you are clear on how to unreconciled in QuickBooks. Our QB experts remain available around the clock to help fix your issue. Thus, delay no more and fix your issue now, over a call. But if you are still facing issues and are not able to un-reconcile successfully then we request you to get in touch with our QuickBooks consultant professionals.