How To Fix Reconciliation Discrepancies
The main function of the Reconciliation in QuickBooks is to ensure that your account is accurately reflecting your business transactions. If you have already reconciled an account and its showing a different balance in the next reconciliation, in that case your account has QuickBooks Reconciliation Discrepancy .
These discrepancies with reconciliation can be caused by:-
* The previous reconciled transactions must have been added, deleted or modified.
* Adjustments with reconciliation.
No matter what may the cause be, you need to follow these steps to fix the reconciliation discrepancies-
1. When transactions are modifies , deleted or added-
2. To identify the discrepancies with your QuickBooks, there are some reports available.
*Reconciliation Discrepancy Report- The following report shows you the the sorted transactions by dates that were changed since the last reconciliation.
1. Choose QuickBooks Reconciliation Discrepancy from Banking option, in Reports menu.
2. Select OK after choosing an appropriate account.
3. Identify your discrepancies by reviewing the reports.
*Missing Check Reports- You can verify your missing transactions with this report.
1. Choose Missing Checks from Banking option in Reports menu.
2. Select Ok after selecting an appropriate account.
3. Compare your bank transactions with the report transaction that doesn’t matches.
*Transaction Detail Report- This report verifies the changes and modifies transactions.
1. Select Transaction Detail from the Customs Reports in Reports menu.
2. Choose the following from the Display Tab-
* Date From = The earliest QuickBooks dates.
* Date to= Date of the latest reconciled statement.
3. Choose the following under the Filter tab-
*Account- The account that is being reconciled.
* Date from- last reconciliation
* Date to- Today
* Run the report by selecting OK.
If you have forced a reconciliation previously which in return resulted in a reconciliation discrepancy, it may also be the reason for the current discrepancy.
To fix this, you need to the in wrong adjustments in the Reconciliation Discrepancy account.
* Choose Charts Of Accounts from the Lists menu.
* Open QuickBooks Reconciliation Discrepancy account by double-clicking on it.
* Choose the proper filter from the Dates drop down menu.
1. You need to undo the previous reconciliation if you are unable to locate the incorrect transaction until the opening balance appears correct.
2. After correcting your opening balance you can continue with the reconciliation process. All you need to keep in mind is that the opening balance is correct for all the months and if it is not, you can do it manually.
3. You also need to undo the bank reconciliations of years ago if they were changed or deleted to make sure that your opening balance remains correct. For more information call QuickBooks Support USA : 1800 470 6903