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Your reconciliation process is a crucial step in the accounting process of your business. In general, undo reconciliation in QuickBooks online indicates that all data in your books has been thoroughly verified against an external source, and your books are ready to be closed for the month. Reconciliation is, therefore, a final procedure.
In some cases, it may be necessary to undo reconciliation. Reconciliations can be from recently closed months, or reconciliations from previously closed months.
Accounting software like QuickBooks Online offers you an easy process for undoing a reconciliation. The purpose of this article is primarily to show the process that users using QuickBooks Online without a formal accounting background will use to undo reconciliations.
Here are some reasons why you might want to undo the reconciliation. These include:-
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Here is a quick overview of the QuickBooks Online reconciliation process:
Compile statements from your bank, credit cards, and loans. As soon as you receive your bank and credit card statements, you should reconcile your accounts right away to address any discrepancies as soon as possible, but if all your statements arrive at around the same time, you can reconcile all of your accounts at once.
In this step, you have confirmed that the information on your statement correlates with the information in your accounting records, you know which transactions were still outstanding at the time of the statement closing date, and you have corrected any incorrect information in QuickBooks Online.
Also Read: How to Reconcile in QuickBooks?
The following are some advantages of undoing reconciliation accounts:
Our article outlines all the aspects related to “How to undo last reconciliation in QuickBooks Online” and we hope you got all the answers that you came looking for. For any more assistance, you can get in touch with the QuickBooks experts and seek top assistance.
You can simply make the changes in the reconciliation window by clicking the edit and you are all set to make some corrections.
Click on your accounting tab and select chart of account. Now, select the account you are working on and view it. Select the transaction you want to unreconciled. Click the R status until it becomes C.
In QuickBooks, C stands for a clear as it accepts the green match, and R stands for reconciliation.