Best way to Reconcile and Update QBO
Best way to reconcile and update QBO. QBO has never been reconcile for three year and has duplicate transaction and expenses. What is the best way to handle this job. All expense are not there.
There are a number of ways to approach catching up bank reconciliations in QBO. In general, you should reconcile one month at a time. However, since you have 3 years worth of catch-up, this will quite an investment of time. The other approach you could take is to do 3 months at a time or even a whole year. The issue with doing more than one month is if you do end up with an out of balance situation, you will have no idea what month or months caused the out of balance and will have to go back and look at each month to figure it out. However, if the out of balance is small ($5.00 or less) you could simply write it off and move on.
Below is a video tutorial and step by step instructions on how to reconcile bank accounts in QBO. This video covers a 1 month period but the steps are the same if you are doing multiple months at a time.
Best of luck,
Crystalynn Shelton, CPA