qbhelper@jenniferthieme.c
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 Posted: Sun Jul 13, 2008 5:34 pm Post subject: Re: Reconciling accounts (or not) |
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On Jul 12, 8:56 am, peter <solv...@googlemail.com> wrote:
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Further to my previous post, I can't start inputting data because I
can't get my opening balances to agree. It's down to something that my
bookkeeper did with the VAT account and until I can see her again I'm
not going to be able to resolve the matter.
One question: If I don't try to solve the discrepancy then QB adds a
balance adjustment transaction. I can at least then move on and input
the rest of the data which is time consuming (but at least I can get
it out of the way). When the bookkeeper returns can she then go back
and resolve the initial problem or is it too late?
Any help appreciated.
Peter
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Entering a "balance adjustment" at the end of the recon is almost
never recommended, and definitely not recommended under the
circumstances which you describe here. Think of reconciling as
solidifying, or closing, the entries for that account.
Another way I like to think of reconciling is like Lego blocks. When
we reconcile, it's like snapping the blocks into place. The "balance
adjustment" also gets snapped into place, which is why it should not
be done with the intention of being undone. Either do it and move on
without the intention of going back, or don't do it.
Why the hurry to get the recon done? Why not just wait until the
bookkeeper returns? You most certainly CAN enter transactions into the
register regardless of what the opening balance on the recon says,
unless there is some variable I don't know about.
Jennifer
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