New Reconcile Feature in QuickBooks Online
The new online bank reconcile feature has nothing to do with the moon. But I could not resist showing the moon today. It is the USA Total Eclipse day. Although we don't have much to view down here in SW Florida. It looks like just another cloudy afternoon just before the summer rain storms roll in.
But back to the post: I love the new reconcile feature in QuickBooks Online (QBO). I used it in all of my client's data files while it was in beta testing, which drove my daughter crazy (she works with me). In the video below, I will show you how to fix a bank reconciliation that had a change to a previously reconciled transaction. Also, you will see the awesome features of the new QBO bank reconciliation screen, particularly the "cleared date" column.
- The new bank reconciliation screen is so much cleaner and easier to read. The lines line up now. I had an issue where the boxes you check off in QBO bank rec did not line up with the transaction. This is all fixed in the new look.
- You can sort by all, payments or deposited.
- It fixed the bug where you would lose part of the list of transactions in the bank rec list. I would have to log off and log back in sometimes to make the list of transactions for the month reappear.
- The new bank reconciliation feature removed that list of prior month's reconciled. It got rid of the awful screen that if you changed a transaction, it had an ugly "changes" column that made it look messy, like something was wrong.
Some of the drawback's to this change I have heard are:
1. If your screen is not large enough, it will cut off the page.
2. Again, some things are hidden. You must be diligent in putting in the correct ending balance and correct date of the bank reconciliation to be sure that you can accurately reconcile.
3. Not all users can undo a past bank rec. Only those with QBO Accountant version.
If you have any questions or would like to see a future video on another topic, please reach out to me on Facebook.