Reconciliation is a common accounting practice done by businesses to match the transactions entered in the ledger with the bank or credit card report. It is done on a monthly basis and it helps the QB users to check if all the transactions are accounted in the bank register and if the ending balance matches with the bank account’s reports. However, users often face QuickBooks reconciliation problems while carrying out the process. In the blog below, we have discussed these issues thoroughly and stated their possible troubleshooting. Read it till the end.
The users can avoid QuickBooks reconciliation problems by procuring the supervision of an expert from the start of the process. Get a QB professional on the line to assist you by dialling the toll-free number 844-932-1139.
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Reasons behind the Reconciliation Discrepancies in QuickBooks
There are not so many reasons that can cause problems with the QuickBooks bank reconciliation and the ones that do are written below.
- The user has changed the source account of a transaction that is already reconciled previously.
- The user has changed the date, or deleted or voided a transaction that is already reconciled previously.
- The user has unreconciled a previous transaction.
Before heading towards the solution, let’s check the correct way to reconcile in QuickBooks.
Steps to Perform Reconciliation in QuickBooks
- Open QuickBooks and click on the Gear-shaped icon.
- Choose the Reconcile option and select the accoutn from the dropdown menu.
- Type in the Ending Balance and the Ending Date of the bank statement and select Start Reconciling.
- Cross-check the entries in QuickBooks with the bank statement and make sure that the difference amount comes to a “0” at the end.
However, the amount does not always come to “0” and that’s when you can follow the solution mentioned in the next segment.
Solution for the QuickBooks Reconciliation Problems
The solution is divided into two steps that are given below. Follow them in the exact order.
Step- 1: Run the Reconciliation Discrepancy Report
The report will show the transactions that are changed or modified since the previous reconciliation, by the statement date.
- Go to the Reports menu and click on Banking.
- Select Reconciliation Discrepancy, choose the account you want the report for and select OK.
Check for any discrepancies in the report and adjust them in the next step.
Step- 2: Adjust the Reconciliation
You can adjust the reconciliation problems by reviewing the Reconciliation Discrepancy account.
- Go to the Lists menu and click on Chart of Accounts.
- Select the Reconciliation Discrepancies account by double-clicking on it.
- Choose the correct filter from the Dates dropdown and review the discrepancies in reconciliation.
Fix the discrepancies and try to reconcile again.
We would like to end our blog on the possible causes and solutions to QuickBooks reconciliation problems. We hope that the content in the post is easy to understand and help our readers to carry out the problems they face while reconciling their accounts in QuickBooks. However, if you require additional help to sort out the discrepancies, call on the helpline number 844-932-1139 anytime.