QuickBooks Reconciliation Discrepancy

QuickBooks Reconciliation Discrepancy. It occurs maybe by the reconciliation adjustments such as Journal entries or previously reconciled transactions have been changed, added or deleted, etc. Here in this article, learn to fix it. You can also take help from certified Intuit’s ProAdvisors at our toll-free QuickBooks support number +1-855-441-4417 toll-free to save your time and effort.

QuickBooks Reconciliation Discrepancy

We get so many emails, phone calls regarding how to fix QuickBooks reconciliation discrepancy. QuickBooks Reconciliation conflicts are created by alteration to transactions that have been cleared in past account reconciliations.

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

  • Reconciliation arrangement.
  • Past reconciled transaction have been an alteration, deleted or added.

WizXpert provides its QuickBooks Customer Support & services to help resolve all the errors and queries generated while using it. Dial our toll-free phone number 1(855) 441-4417 to get in touch with one of our experts.

Steps to fix bank reconciliation discrepancies in QuickBooks

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

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

Depending upon the cause, you can perform these steps to fix bank reconciliation discrepancies in QuickBooks

❏ 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 displays your transactions arrange by statement date that was altered since 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 which 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 for the previously however many years to achieve to where the opening balance is correct.

Hope the article would have helped you fix the reconciliation issues. If you need further assistance dial our QuickBooks Payroll support number 1-855-441-4417.

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