Reconciling accounts (or not)

Jul 12, 2008 1 Replies
P

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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J

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.

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