Oops, there is an un-presented cheque
Software: Intuit #QuickBooks Desktop #accounting software
The ledger balance of the bank account as at the last financial year-end closing can be use as the opening balance of the bank account in QuickBooks, or derive the opening balance from the closing balance of the bank statement and record the un-presented cheque and deposit separately. Most accountants preferred the second method as it allows the accountant to reconcile the bank easily on the following month.
If the ledger balance has used instead of the bank statement balance and discovered an un-presented cheque has not cleared during the bank reconciliation, then a general journal is required to reverse the bank’s opening balance.
Pass a general journal to debit the bank account of the un-presented cheque amount and credit the bank account again with the same value. This journal is to segregate the un-presented cheque from the bank’s opening balance.
In the bank reconciliation page, you have to check the opening balance entry and the deposit which you have recorded via the journal. The un-presented cheque which is the credit entry of the journal will leave in the payment window until it has cleared.