Fix your QuickBooks reconciliation discrepancies problems. Know the reason behind reconciled transactions. Users can speak with us @ 800 515 3107 anytime.
It is a usual practice to carry out reconciliation procedure in QuickBooks. Normally the process goes off smoothly but sometimes you could see a different balance which means there is a reconciliation error. The beginning balance differs from opening balance for a customer in the bank statement or can say beginning balance wrong. A question may arise in the user mind that how to change the beginning balance in QuickBooks reconciliation. In this case, you get a warning message and QuickBooks will ask if it should fix it for you. Do not click on Yes.
What are the Causes behind QuickBooks Reconciliation Problems?
- If there is a discrepancy in the reconciliation amount it is possible that previous transactions have been modified.
- You may have made some adjustments such as journal entries.
Read This: How to Fix QuickBooks Error Message Transaction Not In Balance?
How to Fix Reconciliation in QuickBooks - Follow These Approaches:
Approach 1 – Take Action against Discrepancy in QuickBooks
- Launch the Begin Reconciliation window and click on locate discrepancy button at the bottom of the window.
- You can view a report that shows changes made to cleared transactions.
- You can also click previous reports to view earlier reports.
- You can view the discrepancy and take corrective action.
- You have the option of clicking on Undo Last Reconciliation button which will clear all transactions and you can start the reconciliation process all over again.
You could also get a problem when the process is complete. QuickBooks makes an adjustment for the difference in the cleared and ending balance and it will post the difference in the Reconciliation Adjustment account. This is not desirable. The difference amount should be zero.
Approach 2 – Reconcile Bank Account in QuickBooks Desktop
- First, you must identify the discrepancy. It can be done in several ways:
- Open QuickBooks and select Reports menu and then select banking and then click on Reconciliation Discrepancy. Select the amount and click on OK. You can review the report to find out where the discrepancy is.
- Select Reports, banking and then click on missing checks, pick an appropriate amount and click on OK and you can see the transactions that do not match your bank statement.
- You can generate transaction detail report from the reports menu by clicking on custom reports and then on transaction detail. You have a display tab under which you pick “date from” and “date to” in which field you enter the date of last reconciled statement. From the filters, tab chooses the name of the account, and from date and date to and click on OK to generate the report.
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Adjustment
So far you have carried out processes that help you identify the discrepancy. This needs to be adjusted.
- Pick Lists menu and click on Chart of Accounts.
- Double click on Reconciliation Discrepancies account.
- Pick the right date range. If it is not possible to identify the transaction you may have to undo previous reconciliation to get the right opening balance.
- Once this is done you reconcile current month’s account.
The problem could also be on the bank’s side for which you would have to contact the bank. If an error is due to data damage you may have to Rebuild Data and run verify data utility.
If it is not possible to find the discrepancy and fix this error you are welcome to phone our team or discuss with QuickBooks Chat Support Live to get this done in the shortest time.
