How to reconcile a loan payment in QB Online (2024)

‎March 30, 202310:23 AM

I am new to bookkeeping and I am helping my mom with her company in QB online.

Previously QB Live bookkeeping was doing this for her.

I see that they had been reconciling the principal amount but not the interest. Is that how it is supposed to be done?

• QuickBooks Online

It's nice to see you here in the Community, @jjohnson0711. I'm here to help share information in reconciling accounts in QuickBooks.

The interest should be included when reconciling your account in QuickBooks since it's part of your bank statement. To zero out, you can manually reconcile the transactions to avoid differences.

Here's how:

1. SelectAccountingfrom the sidebar menu.
2. Go toChart of Accounts.
3. Find the account holding the transaction, then clickView registerfrom theActioncolumn.
4. Select the transaction you want to reconcile.
5. In thereconcile statuscolumn (indicated by a checkmark), repeatedly click the top line of the transaction to change the statusR, thenSave.

• C- Cleared
• R- Reconciled
• Blank- Not clear or reconcile

To know more about reconciliation, click this article:Learn the reconciliation workflow in QuickBooks.

Additionally, here are some articles that you can read to help resolve common reconciliation mistakes and errors:

• Fix issues at the end of a reconciliation
• Fix issues for accounts you've reconciled in the past

I'm only a post away if you have additional questions or concerns. I'll be here to answer them. Have a great day!

Thank you so much for your reply.

Looks like QB live bookkeeping was only reconciling the principal amount.

I have been advised by someone else to do journal entries to fix it. Does that sound right?

I cannot undo the reconciliations since I do not have QB Accountant.

Hey there again, @jjohnson0711.

I appreciate you coming back and letting us know more information about this situation.

I recommend consulting with your accountant to be sure that using journal entries would help fix the problem. They'll be able to give you the best accounting advice for your business.

Keep us updated on how the conversation goes with them. Don't hesitate to come back if you have any other questions or concerns. Take care!

yes the accountant said to do journal entries

the balances were matching up on the statements vs QB until the last one I did and then the last 2 were reconciled accidentally so I wanted to undo them, and get it all corrected but looks like I need QB accountant for that which I might just get and do