How to Fix Entries Already Reconciled

by Bren
(Kitchener Ontario)

Adjusting Journal Entries

Adjusting Journal Entries

How do you adjust year end entries if they already have been reconciled.

Example: I did a journal entry for an asset under misc withdrawls, for the amount included with other amounts, and it should have been its own because it had HST in it.

How do I re-adjust this since I already reconciled it?

section divider

Hi Bren,

Normally, if you have an entry from a prior period that needs adjusting, the easiest and cleanest thing to do is reverse the entry and re-book it correctly. Both of these entries would be done in the current period NOT the prior period.

When you do your next bank reconciliation, your reversing entry should offset your adjusting entry.

However, you have to be careful with year-end entries. Tax returns have been filed based on your financial records for that fiscal period.

You didn't say if it was an accountant that gave you the entry to post. If an accountant provided you with the entry, I would be very careful about changing it.

Hope this helps.

Comments for How to Fix Entries Already Reconciled

Average Rating starstarstarstarstar

Click here to add your own comments

Apr 18, 2012
by: Jane

A few months ago I wrote a check to a company for one amount, posted to pension liability, but then when I did the payroll journal entry I posted it for the wrong amount and have a difference of $206.07.

We have since closed that month. I need to do correcting journal entry. Can you help?

Thank you!

section divider

Hi Jane,

As the above post points out, just reverse the entry and rebook it. Do both in your current period.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Learning QuickBooks.

Share this page:
Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.

Your Learning Curve!


Warm up your tea cup and check out these chats ...

Click on image above to read the chat.

Join Me On Facebook

Help support this site by "liking" me! Here's where I post current information.

Listed Under Websites NOT Local Business.
This website is NOT associated with the business operating in Bonnyville AB.

A Handy Reference