Repeat old reconciliation with changed transations

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Mereki
Mereki Member Posts: 16

Long story:

We had 2 x supplier cards for our insurer - one for worker's comp and another for all other insurance.  A half dozen transactions from previous years were on the wrong supplier card - so to tidy all of this up, I updated the name on the bills (easy), but then had to delete old payments to replace them with new ones in the new name (now I'm wishing I hadn't touched them... seems to have thrown a spanner in the works).

I assume I need to reconcile the relevant cheque accounts from way back in the day so the transactions aren't sitting there when I next reconcile.  I have the dates and balances for the relevant old reconciliations, but can't figure out how to go back to reconcile. Is there some magic time machine function? 


Short story:

I have old old transactions to clear which I know are correct, I just need to tidy them out of the way.

Do I really have to undo the last reconciliation over and over again and then redo them to pick up these few transactions?   I'm talking July 2008 so it's not a small job :(


Been an interesting Sunday!  Learning some lessons here about not touching what isn't broken.

Comments

  • Shane_6461899
    Shane_6461899 Reckon Staff Posts: 339 Reckon Staff
    edited July 2020
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    Hi Mereki,

    In  order to have everything done correctly and be able to report on previous reconciliations correctly, then yes, its best to undo all the reconciliations to the point where your reconciliations are good.  Then start reconciling forward from there.  It is possible to cheat and just do one big reconciliation from 2008 to now and mark off all transactions, but then reporting on previous reconciliations will not be month to month to match with your bank statement.  I will just be one big reconciliation matching to no statements at all.  Best way is to do it properly even though its the hard way and lots of work.

    Regards,
    Shane.
  • John Graetz
    John Graetz Member Posts: 1,653 ✭✭✭
    edited December 2016
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    Hi Mereki

    I believe that there is another option that you could try first, which could save you a lot of angst in the process.  This is what I would look at:
    1.  Start a new reconciliation, using the SAME DATE as your most previous one.  If, as you said, you have replaced reconciled transactions with unreconciled ones, your opening balance will throw out accordingly.
    2.  Determine how much the previously reconciled bank account is out by.
    3  Looking at the list of old list of old unreconciled that you now have showing, tick them as being presented, OR  alternatively, add them up and see if they equate to the same amount as the opening bank balance is out by.
    4.  All going well, your reconciliation summary should show up as having a zero variance.  If that is the case, finalise the reconciliation.  NOTE.  You should not include any current transactions in this special reconciliation.  All that you are trying to to is to get you opening balance correct and hopefully, if you have done nothing else, this should overcome your problem and save you heaps of time.
    John L G
  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 824 ✭✭✭
    edited April 2020
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    Hi Mereki
    For future reference you can merge 2 suppliers, if you rename one to the exact same name as the other one you want to merge, you will be told there is another supplier with the same name and asked "do you want to merge the 2"