Reconcile All G/L Accounts for the Fiscal Year You Intend to Close

You cannot reconcile accounts (for example, checking or credit card accounts) whose bank statements are dated in a closed fiscal year. Therefore, it is recommended to reconcile these accounts before closing the fiscal year.

Note: If you choose not to reconcile accounts using previous bank statements, the items will be available to clear in the new fiscal year. However, the account reconciliation will be difficult to manage and audit.