A reconciliation Discrepancy issue is a case in which you have previously accommodate an account but you can’t able to see the next similar result. The main goal of Reconciliation in QuickBooks processed for giving a surety that your account accurately reflects your business transactions.
Managing your books of account with QuickBooks not only makes your tasks easier, the program even provides efficiency and accuracy of the tasks which you carry out. For instance, QuickBooks helps you maintain accuracy in balance sheets and save your time. Instead of manually tallying your balance sheet, which, of course, is very challenging, QuickBooks, however, does it intelligently.
Why Reconciliation Discrepancies Occur In QuickBooks
Reconciling in QuickBooks is done to ensure that your financial account accurately reflects your business transactions. If you have previously reconciled an account but it shows you a different balance in the next reconciliation, then this means that your account has reconciliation discrepancies.
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- How do you fix a reconciliation discrepancy in quickbooks online?
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- How to reconcile previous months in quickbooks?
Generally, we avoid giving an explanation for the issue technically on the blog due to the surety point of reason. We don’t want to a culprit for any data or transaction-related issues. Therefore, To resolve your technical issues consult on the provided of the tech support team.
QuickBooks reconciliation discrepancies may occur due to the reasons given below:
- Previously reconciled transactions have been added, modified, or deleted.
- Reconciliation adjustments such as in Journal entries, etc.
How To Fix QuickBooks Reconciliation Discrepancies
The solutions given below will help you fix the QuickBooks reconciliation discrepancy issue in an effective manner.
Added, Modified or Deleted Transactions
There are several reports available in QuickBooks that will help you identify reconciliation discrepancies in QuickBooks.
Reconciliation Discrepancy Report
This report shows transactions sorted by statement dates that were changed since the last reconciliation.
Steps:
- From the Reports menu, select Banking, then click Reconciliation Discrepancy.
- Choose the appropriate account and click the OK button.
- Review the report to identify any discrepancies.
Missing Checks Report
This report helps you verify missing transactions.
Steps:
- From the Reports menu, select Banking, then click Missing Checks.
- Choose the appropriate account and click the OK button.
- Review report transactions that don’t match your bank statement.
Transaction Details Report
This report helps you verify transactions that were changed or modified.
Steps:
- From the reports menu, select Custom Reports, then click Transaction Detail.
- Under the Display tab, choose the following:
Date From: the earliest QuickBooks date (or leave blank)
Date To: the date of the last reconciled statement
- Under the Filters tab, choose the following:
Account: the account being reconciled
Entered/Last Modified:
Date From: date of the last reconcile
Date To: present date
- Click OK to run the report.
Note:
Once a discrepancy is identified, you will be required to make the necessary corrections. If you need assistance on how to make these corrections, please consult your accountant or contact our QuickBooks customer support center.
If you have new transactions to add to the reconciliation period, or if you have modified previously reconciled transactions, then you may need to do a mini-reconciliation. To know how to reconcile old transactions in QuickBooks. You can get in touch with our QuickBooks experts at Bizimatrix to assist you right away. Contact with our QuickBooks experts today.
Reconciliation Adjustment
A forced previous reconciliation which resulted in a reconciliation adjustment may also cause QuickBooks reconciliation discrepancy. Therefore, to fix this, you will need to review the Reconciliation Discrepancy account for inappropriate adjustments.
Steps:
- Go to the Lists menu, then click Chart of Accounts.
- Double-click the Reconciliation Discrepancies account.
- From the Dates drop-down menu, select the appropriate filter.
Conclusion
If you are unable to identify the transaction(s) in the register that needs to be corrected, then you will need to undo the previous reconciliation until the opening balance is correct.
Once the opening balance is correct, you can proceed with reconciling the current month, thus, making sure that the opening balance is correct for each month. If you encounter an incorrect opening balance for a specific month, you just need to correct it.
If a transaction from years ago was changed or deleted recently, you may need to undo bank reconciliations for the past many years to get to where the opening balance is correct.
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