Quickbooks is accounting software designed for small businesses to manage sales and expenses and keep a history of daily transactions. It is very popular in a small organization or small business owners and freelancers in this it has advanced features functions that will help to make complex accounting easier and manageable. We can use it to give an invoice to customers, pay bills, generate reports, tax filing and much more…
In account balancing reconciliation is an integral part, and it creates more problems than a solution when we do it ourselves. QuickBooks accounting software provides a great feature by which the user can reconcile his account and undo reconciliation without doing anything manually. In QuickBooks desktop versions like- QuickBooks Pro, QuickBooks Premier, and QuickBooks enterprise we can easily do reconciliation by following simple steps. But in the case of QuickBooks online, we need to register to un-reconciled each transaction independently. If the bank statement is not corresponding to the balance sheet in position or time, then it is essential that firstly we can un-reconcile the QuickBooks transactions.
Benefits of Reconciliation in QuickBooks
Reconciliation is very much important in order to make sure that your accounts are accurate. Following are some of the most common benefits of reconciliation:-
- One of the best advantages of reconciliation is that it allows you to find errors in accounting and then make your bookkeeping flawless. If you are reconciling your accounts on a monthly basis then you will be able to keep your bookkeeping identical to what is recorded at the bank.
- Another benefit is it keeps you away from bad surprises. For example, if you pay a check to a vendor and he keeps delaying the payment then there are chances that you might forget to deduct it from your account. Through reconciliation, you will be able to keep a track of all your transactions.
- You can also keep your business deposits correct. Errors are a part of human nature and that can lead to deposit errors in your bank. Such errors can have a very bad effect on your business but through reconciliation, you will be able to identify such errors and correct them before they become a hassle for your business.
Some Reasons why we need QuickBooks Online Undo or Delete Reconciliation
Incorrect Date
Some user did a little mistake in the past date. simply a user makes a payment in the past date and the payment was recorded, but the recorded data was wrong or incorrect for the record. In that case, the error in the statement date can be easily corrected by undoing or deleting bank reconciliation in QuickBooks.
Wrong Bank Statement Date
The date on the bank statement is simply recorded wrong due to some reasons. In simple words, the actual date is not printed on the bank statement. In that situation simply user punch in QuickBooks.
Incorrect Bank Reconciliation
Some users made an error about the reconciliation, which indicates an incorrect record of the data. To improve it the user goto delete or undo bank reconciliation option in QuickBooks.
Steps to Undo or Delete Reconciliation in QuickBooks online Accountant
- First of all click on the setting icon.
- Then click on Reconcile under tools option.
- This is the most important step, here we can select the bank account that we want to delete or undo bank reconciliation.
- Now select the reconciliation month that you want to delete or undo.
- After doing this, an undo button is showing to the just right of the Auto Adjustment Column.
- Now click on undo button
- Then go for the ok button.
- After completing these steps finally, a success window appears.
- Finally, click on the ok button.
Steps to Undo or Delete Reconciliation in QuickBooks Online
- Firstly, locate the banking option from the left menu of QuickBooks.
- Now Click on the banking option.
- Choose the account
- After that simply go to the register/account history which can be seen above action column
- After that look again unreconciled transaction one by one
- Then highlight the tab on the transaction
- Now click the Tab button on the R on the top line transaction that is simply located between the Amount and Depositor charge and Payment account
- After that click in this field give you permission to change all the transactions status and simply done to the desired status from bank= unreconciled to c=clear
- Just save the progress
- After doing that, a pop has appeared that display an image
- At last, simply click on the ok button.
Steps to Undo or Delete Reconciliation in QuickBooks Desktop
In QuickBooks Desktop, the process of undoing or delete reconciliation is easy among all the versions of QuickBooks.
- First of all, open QuickBooks and directly go to the banking option.
- Now find the transactions that you want to reconcile.
- After that click on reconcile now option.
- At last click on “Undo Last Reconciliation”.
Advantages of Bank Reconciliation transaction in QuickBooks Online
QuickBooks Accounting software always provides great and amazing features to its users. There are many benefits that QuickBooks hold for it users, So let’s have a look-
Records all types of Transaction
If you are a QuickBooks user and use QuickBooks for your bank transactions, then QuickBooks handles all the transactions of your bank account.
Updated Reports
QuickBooks always synchronize important data and reports. QuickBooks also maintains financial reports such as profit and loss, balance sheet and also all cash flow statements.
No Error or Discrepancy
QuickBooks accounting software always maintains the books at a highly secure and safe level. In QuickBooks, the transactions which are done from your bank-level will also be seen in just QuickBooks panel.
Conclusion
We hope, this blog will help you to understand how to undo or delete reconciliation in QuickBooks. And also, now you are able to undo reconciliation in QuickBooks. If you have a QuickBooks Desktop versions, then you can unreconciled a complete reconciliation by tapping on Reconcile Now from the Banking screen and then choose Undo Last Reconciliation.