How to Fix QuickBooks Reconciliation Discrepancy in QuickBooks

QuickBooks Reconciliation Discrepancy occurs by the reconciliation adjustments such as QuickBooks Journal entries or previously reconciled transactions that have been changed, added or deleted, etc. Here in this article, learn to fix it. But if you are looking for some instant technical help them you can take help from certified Intuit’s ProAdvisors by dialing our toll-free QuickBooks support +1-855-441-4417 and save your time and effort, got instant solution within couples of time.

QuickBooks Reconciliation Discrepancy

As it is a very common problem with all QuickBooks users, and we also get so many emails, phone calls regarding the fixation of QuickBooks reconciliation discrepancy. QuickBooks Reconciliation conflicts are created by alteration to transactions that have been cleared in past account reconciliations.

A search to recognize such an alteration can be time-consuming and frustrating. Reconciliation discrepancies may occur by one of the following reasons:

  • Reconciliation arrangement.
  • The past reconciled transaction has been an alteration, deleted or added.

Steps to fix bank reconciliation discrepancies in QuickBooks

QuickBooks Desktop provides you various reports which help to identify reconciliation discrepancies and fix transactions.

  • Reconciliation Discrepancy Report
  • Missing Checks Report
  • Transaction Detail Report

❏ Missing or modified transactions

Reconciled transactions that were an alteration, deleted or added after your last reconcile will influence the opening balance. There are various reports applicable in QuickBooks Desktop that will help you recognize discrepancies and solve transactions.

Reconciliation Discrepancy Report: This report is used to examine transactions sorted based on the date of the revised statement after the last reconciliation.

  • First of all, from the report choose Banking then click Reconciliation Discrepancy, from the Reports menu.
  • Select the Appropriate Account then click OK.
  • Analysis of the report to analyze any discrepancies.

Missing Checks Reports: This report helps you to find absent transactions.

  • Choose Banking then clicks Missing Checks, from the Reports Menu.
  • Select the Appropriate Account then click OK.
  • Analysis of the report for transactions that don’t match your bank statement.

Transaction Details Report: This report helps you to find a transaction that was changed or modified.

  • Select Custom Reports then click Transaction Detail, from the Reports Menu.
  • Under the Display tab, select the following:
    • Date Form.
    • Date To.
  • Under the Filters tab, select the following:
    • Account.
    • Entered/Last Modified.
    • Date From
    • Date To.

❏ Reconciliation arrangement:

A strained past reconciliation that develops to reconciliation arrangement may also originator discrepancy. To solve the problem, you want to review the QuickBooks Reconciliation Discrepancy account for the improper arrangement.

  • Click Chart of Accounts, from the Company Menu.
  • Choose and double-click the Reconciliation Discrepancy account.

If you’re not able to recognize the transaction(s) in the register that wants to be rectified, you will need to undo the past reconciliation just before the opening balance is rectified.

Once the opening balance is rectified then you can continue with reconciling to the current month making sure the opening balance is rectified for each month. If you need help rectifying the opening balance, refer to Reconcile window creation balance is zero or incorrect

If a transaction from years ago was exchanged or removed currently, you may need to undo the bank reconciliations in QuickBooks for the previous however many years to achieve to where the opening balance is correct.

Hope, the article would help you to fix the reconciliation issues. If you need further assistance dial our toll-free [Quickbooks] and get in touch with our technical support team.

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