Reconciliation is a feature of QuickBooks available for both Online and Desktop users. Utilizing reconciliation in QuickBooks you can quickly reconcile your credit card, saving, and checking bank accounts. Occasionally, you might need to undo the reconciliation in case, there errors are found after the reconciliation. We have prepared this article to guide you through the steps of canceling the reconciliation in QuickBooks Desktop and Online. Read out the article until the end and learn how to undo reconciliation in QuickBooks Desktop and Online with easy to follow instructions.
For detailed and step-by-step instructions follow the entire article until the end and make sure to follow the instructions in the given order to avoid any issues reconciling the accounts in QuickBooks
Why Account Reconciliation is Required?
Reconciling the accounts in QuickBooks allows you to find and correct discrepancies in your bank account transactions using the Reconcile and Account option in QuickBooks. However, there are times when you might want to undo reconciliation in QuickBooks to revert back the affects of reconciliation on your banking transactions data. In this article you will find a detailed method to undo reconciliation in QuickBooks Desktop along with some important points to consider before following the same.
Benefits that you can avail reconciling accounts in QuickBooks:
- It help you search and display discrepancies in different account balances.
- Tax calculation errors can be avoided by reconciling the accounts.
- Reconciliation helps you add the accounts that were previously not added to the QuickBooks.
- It also helps figuring out any fake entries intentionally made by someone.
How Undo Last Reconciliation QuickBooks Desktop is Helpful
There are times when a QuickBooks user might want to undo reconciliation in QuickBooks and this need arises when the affects of reconciling the bank account in QuickBooks does not deliver the expected results. Reconciling the bank account in QuickBooks makes some permanent changes to the accounting data and reverting it back requires in-depth knowledge of bank account reconciliation.
Following is the list of reasons why we need to QuickBooks Undo multiple Reconciliations:
- Payments that has been made with incorrect date can be fixed.
- If the end calculation of transactions in any account is not correct.
- When the bank account statement does not match the account balance in the actual account in QuickBooks.
- When there is an error from the bank’s end recording the transaction.
Steps to Undo Reconciliation in QuickBooks Online?
If you are wondering “Why can’t I Undo a Reconciliation in QuickBooks online”, then follow the instructions listed below to accomplish the task without any issues.
- Open QuickBooks Online by logging in from your web browser and from under the Banking section click Registers.
- Now choose the bank account from under the Register Name drop-down list.
- From here select the transaction that you want to unreconcile.
- Delete the letter (R) from the transaction and it will change the status of the transaction to unreconciled.
Method to Undo Reconciliation in QuickBooks Online Accountant
- Login as an admin in to your QuickBooks Online account.
- Using the accounts drop-down menu select the company file of your client.
- Navigate to the Settings and click Tools after that choose the Reconcile option.
- Using the Reconcile an Account option, select History by an Account.
- Now choose the account and the time-period you want to apply.
- From under the Actions tab click Undo.
- Hit Yes to confirm and click Undo.
- Hit OK and try to access the same accounts in QuickBooks Online once again.
Above mentioned are the basic steps to Undo Reconciliation in QuickBooks. If you are new to reconciliation in QuickBooks then we suggest you get in touch with an expert to avoid losing even a bit of your crucial business transaction info.