While running with QuickBooks accounting software, if your records in QuickBooks Desktop don’t coordinate your bank statements toward the finish of reconciliation. At the point when you reconcile a record, you contrast transactions in QuickBooks and the ones on your bank statements. Eventually, the distinction between the two records should differ. If it’s not, or you reconciled a record previously and the closure balance changed, don’t stress. Here, you can learn how to Fix QuickBooks Reconciliation Discrepancy issues so you can complete the process of reconciling.
4 Causes Behind the QuickBooks Reconciliation Discrepancy
- If you entered an incorrect ending balance from the beginning of the reconciliation
- Missing or copied transactions might be causes this type of issue
- Due to edited or deleted transactions that already reconciled
- If anyone entered transactions into QuickBooks that haven’t cleared the bank yet.
Important Points to Consider Before Going to Fix This Issue
- When you are not able to identify the transactions into the register that you have rectified before; then you have to undo the process of existing reconciliation until you rectify the opening balance.
- When the opening balance is rectified, you have to continue with the reconciliation process of this month. Do check the opening balance that is rectified for all months.
- If you find that the beginning balance is wrong then you can rectify it by recreating the beginning balance Zero.
- A transaction that took place years ago was deleted or changed then you have to undo the bank reconciliation of that previous year.
How to Fix QuickBooks reconciliation discrepancy?
Step #1: Ensure about opening and beginning balances
In the first step, the user has to ensure your opening and starting balances that must be correct. When you know these are exact, you can begin searching for different issues.
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Step #2: Check and locate for new changes (deleted, or added transactions)
There are various reports in QuickBooks that show you if anything has been changed (deleted, or added):
Run Reconciliation Discrepancy Report
With this report, you can view any transaction that was already changed before your last reconciliation. They are all resolved by statement dates
- First of all, open the reports menu and go to the “Banking” menu
- And hit the click on the “Reconciliation Discrepancy”
- Now, you have to choose the account that you are reconciling
- Moving forward with an OK click
- After that, you have to review and check the report to view any discrepancies
- Ensure about who made new changes, once the reason is cleared then you know about the transaction edit is needed or not
Run Missing Checks Report
With this report, you can view any missing checks. These might be losing the ending balance of your reconciliation.
- Hit the first click on the “Reports” menu and open the “Banking” section
- Click on the “Missing Checks”
- After that, you have to choose the account that you are reconciling
- Click on the OK and you are all done with the process
The user has to review the report to make sure that any transactions on the report that aren’t on the bank statement. In case, if they aren’t on the bank statement, they shouldn’t be on your reconciliation.
Run the Transaction Detail report with the following steps
- The user has to run the Transaction Detail report to check new changes in the transaction section
- The first thing you have to do open the Report menu
- Then, choose the “Custom Reports” menu and then click on the “Transaction Detail”
- After that, you have to choose the Display tab
- From the data field, you have to choose the earliest date for the account. This step is optional, you have an option to skip it
- Go to the “Date to Field” and then choose the date for your last reconciliation
- Now, open the “Filters” tab and go to the Account field
- Then, you have to choose the account you are reconciling
- From the last modified section, the user has to set the date from the date of the last reconciliation. Then, you have to check and set the Date to section to the present date
- Click on the OK button and run your report
- Search for any discrepancies or transactions that don’t coordinate what’s on your bank statement.
Step #3: Check for the Reconciliation Adjustments
In some cases, users make a reconciliation adjustment in accordance with force a record to coordinate with their bank records. The user is unable to do a reconciliation adjustment without an accountant’s correct direction. Adjustments are unable to fix those errors, but if you fix the errors later on then adjustment might be causes issues down the road.
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Analysis of the account and ensure that there is no wrong adjustment
- Open the list-menu and choose the “Chart of Accounts”
- Then, go to the Reconciliation Discrepancies account
- In the Date section, the user has to set the date for the remaining last few reconciliations
- If you view any adjustments that make some incorrections in your account balance, contact whoever made the adjustment. Ensure your redresses aren’t clashing with the adjustment.
Step #4: Finish the Reconciliation
After fixing everything, you can complete the process of reconciling. In case you can’t discover any issues in your records, you may have to fix the past reconciliation until the opening balance is right.
In any case, if somebody edited or erased a transaction from years back, you may have to fix your reconciliations for as long as a couple of years to get to where the opening balance is right.
I hope the given information was useful for you to know that how to Fix QuickBooks Reconciliation Discrepancy. While process the above solutions and guidelines, if you stuck or unable to do any move for further processing, you can connect with QuickBooks Live Chat. They provide 24/7 availability service to assist you and to resolve your all queries.
If I want to create the payment check or bill to pay later when you are doing steps to fix QuickBooks reconciliation discrepancy?
1. When you click on Reconcile now
2. Then QuickBooks asks if you want to create a payment check or bill to pay later
3. Click on Create bill to pay later
4. If you want to print your report of reconciliation for the records
5. After printing the report
6. The bill appears on your screen
7. The amount of bill is the balance you just reconciled
8. Then click on the Clear option
9. All information is cleared from the bill
10. Then close the bill.
How can I fix the transactions in my bank account before the QuickBooks reconciliation discrepancy?
1. In the Banking menu
2. Click on Reconcile
3. Then select the bank account with the transactions that you have to reconcile
4. Enter the date for an “off-cycle reconciliation” in the Date of Statement
5. In the field of Ending Balance, mention the balance of the last successful reconciliation
6. Then to proceed click on the Continue button
7. In the window of Reconcile, check the transactions you are fixing and reconciling
8. Check that the difference field shows the $0.00
9. When you are done click on Reconcile now.
Are there any things that I have to take care of before resolving the QuickBooks reconciliation discrepancy?
Yes, there are the things that you have to take care of like:-
1. Backup your company file data first
2. Review the opening balance
3. Prepare for reconciliation and then start the reconciliation.