When the new reconciliation feature was first rolled out in QuickBooks Labs, I was elated. So, when it vanished I was upset. But, I have some news. I mean like super-duper news.
The new reconciliation didn’t really vanish, it just went back to the kitchen for a re-bake. Turns out, just like when we tweak the flavor of a cake, the new reconciliation is having a sort of re-bake.
Why do you, or I, care? Because the new reconciliation really is laid out in a far more workable format and has additional useful features.
One of my favorite features is the ability to view either deposits or payments one at a time. This eliminates the typical two columns we're accustomed to seeing, which can be difficult to read due to the small font necessary to fit both columns in the window.
Plus, the check box is on the wrong side of the screen for easy mousing.
New Reconciliation Window
Let's take a look at this new reconciliation window:
1. Notice the option in the depiction below to view Payments, Deposits or All transactions. You can't do that with the old reconcile feature.
New QBO Reconcile - 01
2. As you look at the above depiction, you'll see that the "cleared" indicators now are in a column on the right side. Makes a lot of sense to no longer have to reach all the way back to the left side of the window to check transactions that you have been primarily reviewing via the amounts in the Payments and Deposits columns.
This just seems like a far better approach to the reconcile function, but that isn't the only thing that has improved.
Beginning Balance Discrepancy Feature
Not only has the reconciliation window been enhanced, but one of my favorite features is the alert telling me the beginning balance does not match the ending balance of the previous month. We can easily view the discrepancy as shown in the multiple window depiction below.
1. By clicking the "Let's resolve this discrepancy" link, QuickBooks will generate a reconciliation discrepancy report.
2. The reconciliation discrepancy report will list the transaction(s) to which changes were made after they were reconciled or were subsequently un-reconciled in the account register. To see the audit history associated with any transaction(s), simply click the View link in the History column of the report.
New QBO Reconcile - 02
3. Once you have opened the transaction Audit History, you'll be able to see the changes that took place when those changed occurred and who made the changes. You then should be ready to resolve any transaction(s) keeping you from having a beginning balance for your new reconciliation that matches the ending balance of your previous reconciliation.
When Will It Be Ready?
So when we willbe seeing the updated re-bake of the New Reconciliation?
I'm not really sure, but I'll do my very best to be patient, as I anxiously await the return. After all, I want to "have my cake" and enjoy it, too.