How To Fix Reconciliation Discrepancies in QuickBooks

To reflect your business transactions in a accurate way QuickBooks uses Reconciliation in your transactions. If by any chance there is a difference between previously reconciled report and the reconciliation of current date then this clearly states that there are discrepancies in reconciliation and it is quite complex to Fix Reconciliation Discrepancies in QuickBooks.

 

The main causes that create discrepancies in the reconciliation are as follows-

  • The transactions that were reconciled previously have been modified, added or might be deleted.
  • Adjustments in reconciliation/ Journal entries.

 

Here in this article, we will explain to you some basic troubleshooting based on the situation of your error. If you are not able to fix the problem you can take assistance by a QuickBooks ProAdvisor at our QuickBooks Technical support to guide you through the fixation process.

 

If transactions are modified (added or deleted)

QuickBooks has provided some reports for you which can help you to identify the type of discrepancies. Use these reports when needed and where they are needed to Fix Reconciliation Discrepancies in QuickBooks.

 

Reconciliation Discrepancy report- In this report, QuickBooks will provide you all your transactions according to their date of modification since the last time you reconciled. With this report, you can easily determine which transaction is causing the problem.

 

  • Open report menu and from there select “Banking”. Click on Reconciliation discrepancies.
  • Now you will be required to select your account. Press ok once you have selected the account.
  • Once you see the report just figure out what transaction is causing the discrepancy.

 

Missing Checks report- This is a report that will help you to find out which transaction is been missing from the report.

 

  • In QuickBooks open the Reports menu and select “Banking”. Click on Missing checks.
  • Now you will be asked to select your account, click ok after selecting an appropriate account.
  • Simply review the provided report in order to find out a transaction that is causing a mismatch in bank statements.

 

A detailed report of transactions-  This report by QuickBooks can help you to determine which report has been modified or changed by you.

 

  • Open Reports menu in QuickBooks. Choose “Custom Reports” and click on Transaction detail.

 

  • Go to display tab and select the following:- 
  • 1.  Date from- QuickBooks date that was earliest (you can also leave this blank)
  • 2. Date To- Enter the date when you last reconciled.

 

  • Switch to the Filters tab and select the following
  • 1. Account- select the account that is being reconciled
  • 2. Last modified date from- Enter the date of last reconciliation to the current date.
  • Click ok to run this report.

 

Reconciliation adjustment-

 

Discrepancies can also be caused the forcing your previous reconciliation which can result in an adjustment for reconciliation. In this situation, you will be required to account that has reconciliation discrepancy. Look for any kind of inappropriate adjustment.

 

  • Open the list menu in QuickBooks. Choose the chart of accounts.
  • Apply double click on “ Reconciliation Discrepancies”.
  • From the dropdown menu for the date- choose the appropriate filter.

 

  1. In case you are not successful in finding the incorrect transaction on register you may need to undo your previous reconciliation to make sure that the balance is correct and you are able to Fix Reconciliation Discrepancies in QuickBooks.
  2. Once you see that the opening balance is corrected you can proceed to reconcile the current month and make sure that all opening balances are correct.
  3. In case the any transaction that was a year old was recently deleted  you may need to undo all your work till the point where the opening balance was correct.
  4. This would definitely Fix Reconciliation Discrepancies in QuickBooks in case all these doesn’t help please contact QuickBooks Support team to avoid any Data loss or Discrepancies.

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