QuickBooks is an excellent and ideal accounting application for small businesses. However, like other software, QuickBooks may also face some issues and errors. One of the common issues is Reconciliation problems in QuickBooks. Here, we are instructing about the causes of Discrepancy in QuickBooks Reconciliation. It may appear due to the reconciliation adjustments, for example, Journal entries or past reconciled transactions are added, changed or deleted, etc.
The discrepancy in QuickBooks Reconciliation
We may get various emails, calls regarding how to resolve Various Reconciliation Problems in QuickBooks. QuickBooks Reconciliation issues have been created by modification to transactions which is cleared in previous account reconciliations.
Searching the alteration record can be tedious and frustrating. The reconciliation discrepancies in QuickBooks may happen by one of the accompanying reasons:
Arrangement of Reconciliation
Previous reconciled transaction have been added, altered or deleted.
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Steps to resolve the discrepancies in bank reconciliation in QuickBooks
QuickBooks Desktop offers you numerous reports that help you to identify the reconciliation discrepancies and resolve the issue.
Reconciliation Discrepancy Report
- Missing Checks Report
- Transaction Detail Report
Based upon the reason, you may apply these resolutions to resolve the discrepancies of bank reconciliation in QuickBooks
Modified or Missing transactions
The Reconciled transactions which are altered, added or deleted after the final reconcile, that will affect the opening balance. There are many reports which are applicable in the QuickBooks Desktop that can help you to recognize the discrepancies and resolve the transactions.
Reconciliation Discrepancy Report: This Reconciliation Discrepancy report shows you the transactions organized by statement date that was changed since the last reconciliation.
- Initially, right from report section, select Banking after that click on the Reconciliation Discrepancy option, from Reports button.
- Choose Appropriate Account and after that click on the OK button.
- Analysis your report in order to examine any discrepancies.
- Missing Checks Reports: This report assists you to locate absent transactions.
- Select Banking and after that click the Missing Checks, right from the Reports function.
- Choose Appropriate Account and after that click the OK button.
- Analysis your report for the transactions in case it doesn’t match the bank statement.
- Transaction Details Report: This report enables you to search for a transaction which is modified or changed.
- Select the Custom Reports and after that click the Transaction Detail button, right from Reports section.
Into Display menu, choose the following:
- Date From.
- Date To.
Into the Filters menu, choose the following:
- Entered/Last Modified.
- Date From
- Date To.
A stressed past reconciliation that creates an arrangement of reconciliation may likewise originator error. To tackle the issue, you need to audit the accounts of the QuickBooks Reconciliation Discrepancy.
- From the Company menu, you have to click on the Chart of Accounts.
- Select and then tap then double-click on the Account of Reconciliation Discrepancy.
In case you are unable to perceive the transaction(s) in a register that needs to be in the right order, then you will have to undo the previous reconciliation only prior to the opening balance which is corrected.
When the opening balance is corrected then you can proceed with reconciling to the present month ensuring that the opening balance is corrected for every month.
If the issue still occurs, then reach our Accountsportal.co QuickBooks tech support team. You can directly reach us by visiting our website accountsportal.co or call us on our toll-free number ✆+1-800-796-0471 to get the appropriate resolution.