If your accounts do not match your bank statement in QuickBooks Desktop at the end of reconciliation then you should follow the below steps to resolve issues when you’re reconciling in QuickBooks desktop.
When you consolidate an account, you compare transactions in QuickBooks to your bank statement. Finally, the difference between the two records should be $ 0.00.
If it is not, or you have previously consolidated an account and the closing balance has changed, do not worry. Here’s how to find and fix problems so that you can end reconciliation.
Table of Contents
Below various methods to resolve issues when you’re reconciling in QuickBooks Desktop:
Step 1: Review your starting and starting balance
If you haven’t already, make sure your starting and starting balance are right. Once you know that these are accurate, you can start looking for other issues.
Step 2: Watch for changed, deleted or added transactions
There are several reports or records in QuickBooks that show you whether anything has been modified, removed, or added:
Go to a reconciliation discrepancy record
This record shows any transactions that were changed since your last reconciliation. They are sorted by statement dates.
- Go to the Reports menu. Hover over Banking and choose to break up.
- Choose the account you are joining and then choose OK.
- Analysis Report. Look for any discrepancies.
- Talk with the person who made the modification. There could be a reason they made a change or modified. At one time you know, edit the transaction as required.
Run a missing check record
This record shows any missing checks. These can collapse the final balance of your harmony.
- Go to the Report menu. Hover over Banking and select the Missing Check.
- Select the account you are joining and then select OK.
- Review Report. View any transaction on the report that is not on your bank statement. If they are not on your bank statement, they should not be on your reconciliation.
Run Transaction Detail Report
Use this report to see if a transaction has changed.
- Select the Reports menu. Hover over the Custom Report and select Transaction Features.
- Select the Display option.
- In the Date by field, select the earliest date in QuickBooks for the account.
- In the Date in field, select the date of your last reconciliation.
- Go to the Filter tab.
- In the Account field, select the account you are collating
- In the Enter / Last Modified field, set the Date to the date of your last reconciliation. Then set the date to the field in today’s date.
- Select OK to run the report.
- Watch for any discrepancies or transactions that do not match on your bank statement.
- Talk with the person who made the modification. There could be a reason they made a change. At one time you know, edit the transaction as required.
Step 3: Reconciliation Adjustment
You should not make a reconciliation adjustment without the guidance of your accountant. Adjustments do not fix errors. And if you fix the errors later, the adjustment causes road problems.
Review the account and make sure that no one has made an incorrect adjustment.
- Go to the menu of lists and select the Chart of Account.
- Open the Reconciliation Anomalies Account.
- From the Dates field, set the dates for your last few reconciliations.
- If you see an adjustment that is making the account balance incorrect, reach out to the adjuster. Make sure your corrections are not conflicting with the adjustment.
Finish Reconcile
When everything is fixed, you can end the reconciliation.
If you are unable to find a problem with your accounts, you may have to cancel the earlier reconciliation, until the initial balance is correct.
If someone has edited or destroyed a transaction years ago, you may need to undo your reconciliation for the last few years, where the starting balance is correct.
Last Thought
The solutions provided should be helpful when you consider reconciling QuickBooks Desktop. However, if you reconcile transactions with a damaged account, you may regularly encounter these issues. The above steps resolve issues when you’re reconciling in QuickBooks Desktop. If the above troubleshooting steps do not help you to resolve issues when you’re reconciling in Quickbooks desktop then contact the QuickBooks Support team for quick remote support. The dial supports QuickBooks phone number +1-844-405-0904 to access our support services.