With millions of users across the globe, QuickBooks accounting software is the first option that comes to your mind. It handles all the financial and operational needs of small or medium-sized businesses. QuickBooks provides you an option of reconciliation that helps your account to show correct and authentic business transactions. In case your previous reconciled transaction reflects incorrect balance in the upcoming reconciliation, it refers to that your account has reconciliation discrepancies. This can occur because of the following reasons:
- You have modified the previously reconciled transaction or you have removed or added them.
- Reconciled adjustments like Journal, entries, etc.
Steps to resolve reconciliation issues:
You can perform the following solutions to fix the error occurring.
- Reconciliation Discrepancy Report as modified, deleted, or added: this report shows the transactions according to the date that you modified since the last reconciliation.
- In the main menu of QuickBooks, open the Reports then go to Banking and then open Reconciliation Discrepancy.
- Choose the account in which the discrepancy occurs and then click on OK.
- Make sure to see if there are any discrepancies or not.
Missing cheques report- this report allows you to verify if there is any missing transaction.
- Open the main menu of QuickBooks, then go to Reports and then click on Banking, now click on Missing cheques.
- Choose the account in which the cheques report is missing and then click on OK.
- Check the report to see if the transactions don’t match up with your statement.
Transaction Detail Report- This report helps you with finding out transactions that are changed or have any modifications.
- Open the main menu of QB then click on Reports and then go to custom reports, now click on Transaction Details.
- Locate the Display tab and then choose from the following options:
- Date from- this means the earliest QuickBooks date (you can leave blank also)
- Date to- this includes the date of last reconciled statement
- Find the filters tab and select from the following options:
- Account- this means the account being reconciled
- Entered or Last modified
- Date from- this, means the date of the last reconciliation, date to- this includes Today’s date.
- Now click on OK to run the report.
- You need to apply the required corrections after you have found a discrepancy. If you need any help or assistance regarding how to make modifications, you can get in touch with your accountant.
- If you want to add some new transactions into the reconciliation period or you want to make some changes in the previously reconciled transactions then you need to process mini- reconciliation.
How to adjust reconciliation:
You may face the discrepancy issue while forcing a reconcile that resulted in a reconciliation adjustment. You can fix this issue by simply reviewing the reconciliation discrepancy account for the adjustments that are not correct.
- Open the list menu list and go to Chart of Accounts
- Now double click on the Reconciliation Discrepancies
- Choose a suitable filter in the Dates drop-down.
In case you are not able to find the transactions in the register that has to be corrected, then you need to undo the previous reconciliation until the opening balance is correct.
Once the opening balance is correct then you can reconcile your transactions of the current month and for each month that has an opening balance. In case you fail to achieve the correct opening balance in a particular month then you can correct it.
In case you have made changes or modified a year old transaction or have removed it in recent times. Then you need to undo the bank reconciliations for the past and of more years to get to where the opening balance correct.
QuickBooks Technical support experts:
We hope that with the help of the steps mentioned above you have been able to understand the QuickBooks Reconciliation issues and how to fix them. However, if you are still facing issues then you need to get in touch with the Intuit QuickBooks certified technical experts to get your queries sorted out in no time. You can contact the QuickBooks Technical support experts at errorsupportnumber +1800-366-1468 can the QuickBooks technical department will be happy to assist you.