what month did i clear a transaction in quickbooks for mac

Preparing a QuickBooks bank reconciliation is an important part of your month end financial tasks.

Identifying the reason for uncleared QuickBooks checks and deposits is just as important as reconciling to a zero difference.

Otherwise, these uncleared checks, debits, and deposit items that will never clear can: Distort your cash balance in your checking account Show incorrect net profit or loss of your business QuickBooks balance sheet and profit loss report will change when you void or delete any uncleared check or deposit.

This change occurs on the date the check or deposit was originally posted.

If that date was in a closed period, it will change your financial statements.

For this reason, see steps below to correct uncleared checks or deposits.

Support Options Learn More When is an accounting period for a bank reconciliation considered closed A closing date can be set in QuickBooks from the company menu set closing date.

If the uncleared QuickBooks check or deposit was written prior to the closing date, consider the period closed.

The period is closed if you delivered financial reports that included the uncleared check or deposit to any of these key individuals to your organization: The business owner Board of directors Your bank Other outside parties You do not want the financial reports to change.

If you void or delete an uncleared check or deposit transaction that falls within the published reports date range the voiddelete will change the profit loss or retained earnings.

These changes can make an accountant and other financial readers of the statements unhappy.

Take these steps to decide why QuickBooks checks remain uncleared First, check for duplicate entries in QuickBooks Go to Edit menu and select Find Advanced.

Click on the filter for the amount and enter the amount of the uncleared QuickBooks check.

Go to Edit Find Advanced and click the filter on the name and enter the name of the payee on the check and search through the transactions to determine if the payment was included on another check that was issued and cashed.

OR, look in the vendor center under the vendor record to see if you can identify whether a duplicate payment had been made.

Has the bank made an error in clearing the check for the payee A quick method to void an uncleared check and allow you to finish the bank reconciliation.

When uncleared QuickBooks checks are posted to an expense account for a period that was officially closed within QuickBooks (company menu set a closing date you can begin to see the advantages of closing your books after each QuickBooks bank rec): QuickBooks will allow you to void the check in the current period and create the journal entries to keep prior reports accurate.

Beware- this will only work if the check was posted to an expense account.

It will not work if a non-expense account in the chart of account was selected on the QuickBooks Check or the transaction used an item rather than a chart of account, Second, resolve uncleared checks and deposits A better alternative After reaching a zero discrepancy in your bank rec, handle the uncleared QuickBooks checks, debits, and deposits transactions that will never clear as follows: Here are the steps: Open the original check deposit- on the Memo lines (both) write this check voided xxxxxxxx and replaced with check xxxx.

For voiding checks: Create a journal entry to debit the bank account and credit the expense the original check was posted to (if the check was a bill payment check, post the journal entry to the account used on the bill.

For voiding deposits: Create a journal entry to credit the bank account and debit either account receivable with the customer name or an income account using the income account the original depositinvoice was coded to.

If you plan on reissuing any checks, create new QuickBooks checks and print, post to the same account used on the Credit line of the journal entry in 2 above.

What Month Did I Clear A Transaction In Quickbooks For Mac