Welcome to the Community space, @dyannereed.
Yes, you can now start reconciling and ignore those past entries. Since it's your first time reconciling an account, you can pick a day to start tracking transactions and enter the balance of your real-life bank account for whatever day you choose.
- Select Reconcile in the Banking section.
- Click the Account drop-down menu, and then select the credit card account under Credit Cards.
- The Statement Date is automatically filled in. Usually, it's 30 or 31 days after the statement date of the previous reconciliation. Change it as needed to match your bank statement.
- QuickBooks also automatically enters the Beginning Balance.
- In the Ending Balance field, enter the ending balance as it appears on your bank statement.
- If your bank statement shows a service charge or interest that you didn't enter into QuickBooks, don't worry. Enter the amounts in the Service Charge and Interest Earned section. Don't enter charges you've already entered in QuickBooks.
- Review the fields and select Continue to start reconciling.
See this article for detailed steps: Reconcile an account in QuickBooks Desktop.
Also, it doesn't affect your Profit & Loss and Balance Sheet since you haven't reconciled your account. However, I'd still suggest consulting your accountant. They can guide you on how to handle your reconciliation to ensure your book is accurate.
In case you encounter some issues upon reconciling. This great resource will surely help you with fixing it. For the details, please check out this article: How to fix reconciliation issues in QBDT?.
Once done with your reconciliation, I'd suggest customizing your reports. This is for you to get the details you'll want to pull up. This is made possible through this article: How to customize reports in QBDT?.
Hit the Reply button if you have more questions about account reconciliation or any concerns in QBDT. I'd be glad to assist you further. Take care.
For more information on taxes, forms, filings, payroll and other Year End activities, make sure to check out our Year End Resources page.
