I completely understand your desire to maintain precise financial statements, LibbyVB. I am committed to assisting you in resolving this matter.
In QuickBooks Online, an adjusting entry is made to correct discrepancies between your bank statement and the company's records. This forces your accounts to balance so you can finish the reconciliation. It ensures that your books accurately reflect the actual financial position of the business.
If the adjustment was intended to resolve a difference, deleting it may reintroduce the variance, potentially affecting future reconciliations and leading to additional inaccuracies. Hence, it's important to carefully assess the purpose behind its creation and its potential impact on your accounts.
If the transaction was indeed incorrect or invalid, and its removal doesn't compromise the accuracy of your records, we can proceed with the deletion. I'll walk you through the process:
- Go to Business overview, then select Reports.
- From the For my accountant section, choose Transaction List by Date.
- Click the Customize button, then set the appropriate report period.
- Scroll down to Filter and tick the Memo checkbox.
- Enter Reconcile Adjustment in the field.
- Hit Run report, then open the adjusting entry.
- Click More and choose Delete.
I'm also adding these articles to learn how to resolve common reconciliation mistakes in the program:
Should you require any further assistance or have additional questions, please do not hesitate to reach out. Your satisfaction is our top priority, and we're here to support you in achieving your goals.
