Q - I'm reviewing a client file and although they've been in business for a while, they have no bank recs in their system. But when I go to look at the bank account register there is an R in the Status column showing that it's actually been reconciled. What the heck is going on?
A - It seems bizarre doesn't it? How can it have an "R" next to the transaction in the register showing that it's reconciled, but then there be no reconciliations?? It's not QBO gremlins, or you losing your sanity. It means that the file was converted over from QuickBooks Desktop. When the file is converted, the bank reconciliation reports do not migrate over, but the actual transactions still show as being reconciled, which is why they don't come into your 1st bank rec in QBO.
Now, doesn't that make you feel better?