by Foresta
(Berkeley, California)
Know When to Seek Professional Advice
I'm helping to clean up the balance sheet of a small non-profit. The Paypal bank account has never been reconciled (!) and is about $10,000 off (!!!) showing excessive assets that unfortunately don't exist. I tried to locate the mistake but the books date back to 2003, and only have PayPal bank statements for 2 years back, so even if I had time to reconcile for the last 15 years, I wouldn't be able to.
My guess is that there was a period when more than one unqualified person was entering into Quickbooks, and there are many payments that were entered twice, I see that sometimes a deposit of various payments are all entered together, and other times individual payments are entered.
I have an idea of how to cook the books by making changes to a period so long ago that no one will notice, but I should probably resist this idea since it's a non-profit, a small one, but still more likely to get audited.
Any ideas of how I can zero out the PayPal bank and start reconciling?
Thank you!
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