By performing reconciliation in QuickBooks you can make sure that your business transactions are accurately reflected in your account. Your account has reconciliation discrepancies if you have previously reconciled an account, but it shows a different balance in the next reconciliation. To know more call QuickBooks Technical Support.
Any one of the following reasons can be the cause of Reconciliation discrepancies:
• If previously reconciled transactions have been added, deleted, or modified.
• Reconciliation adjustments (Journal entries, etc.)
Follow these steps to fix reconciliation discrepancies depending upon the cause:
Modified, deleted, or added transactions
You can identify discrepancies in QuickBooks with the help of several reports.
Reconciliation Discrepancy Report : with the help of this report you can see transactions sorted by statement date that were changed since the last reconciliation.
• Select Banking from the Reports menu
• Click on Reconciliation Discrepancy.
• Choose the appropriate account and then click on OK.
• To identify any discrepancies review the report.
Missing Checks Report: You can verify missing transactions with the help of this report.
• Select Banking from the Reports menu
• Click on Missing Checks.
• Choose the appropriate account and then click on OK.
• For transactions that don’t match your bank statement, review the report.
Transaction Detail Report: You can verify transactions that were changed or modified with the help of this report.
• Select Custom Reports from the Reports menu
• Click on Transaction Detail.
• Choose the following, under the Display tab:
o Date From = the earliest QuickBooks date (or leave blank)
o Date To = The date of last reconciled statement
• Choose the following under the Filters Tab:
o Account = the account being reconciled
o Entered/Last Modified
o Date From = Date of the last reconcile
o Date To = Today
• Select OK To run the report, click on OK.
Please Note:
• You need to make the necessary corrections once a discrepancy is discovered. If you need help on how to make these corrections, please contact on QuickBooks Phone Number.
• You may need to do a mini-reconciliation if you have modified previously reconciled transactions or if you have new transactions to add to the reconciliation period
Reconciliation adjustment
Follow the steps given below to adjust reconciliation:
• Select Chart of Accounts from the Lists menu.
• Double-click on the Reconciliation Discrepancies account.
• Select the appropriate filter from the dates drop-down.
• You will need to undo the previous reconciliation until the opening balance is correct, in case you are unable to identify the transaction/s in the register that need to be corrected.
• You can proceed with reconciling the current month once the opening balance is correct by making sure that the opening balance is correct for each month. You can just correct the incorrect beginning balance for a specific month.
• You may need to undo bank reconciliations for the past however many years if a transaction from years ago was changed or deleted recently to get to where the opening balance is correct.
To know more on how to fix reconciliation discrepancies in QuickBooks call QuickBooks Technical Support. Also, you can write us at support@quickbooksupport.net. Feel free to reach us anytime; our team of executives is 24/7 available at your service. For more information visit, www.quickbooksupport.net.
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