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QuestionsForYou
January 28, 2025
Question

Reconciliation Discrepancy Report

  • January 28, 2025
  • 1 reply
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I recently took over management of our QBO account and there were a handful of things from 2024 needing fixing. I believe 11 bank transactions were confirmed instead of matched to the corresponding entry. It looks like maybe this created a fake QB entry to match the bank transaction to, which left the actual QB entry used to print the check in limbo. So I had to unmatch the fake QB entries, then unreconcile them (change R to blank in the Bank Register) so I could find the actual QB entry in the "Find other matches" list. Now these 11 fake entries show up in the Reconciliation Discrepancy Report. I tried to just delete a fake entry and now that one shows up in the Reconciliation Discrepancy Report, getting me nowhere.

 

There are also instances where I voided checks that were reconciled because they were printed in error and were not deposited.

 

Then one other instance where the last person voided a reconciled check that did end up getting deposited later on and is matched. For this can I just re-create the entry and swap the match to that one? I have a feeling the initial entry would still show up in the Reconciliation Discrepancy Report.

 

Thank you.

1 reply

A
Aldren18
January 29, 2025

I appreciate the detailed information you've shared, @QuestionForYou.  It’s great to see your commitment to maintaining accurate financial records in QuickBooks Online. Let’s collaborate to resolve these discrepancies and achieve precise reconciliation.

 

Deleting fake entries still appears in the Reconciliation Discrepancy report because QuickBooks retains a record of changes made to cleared transactions.

 

I recommend reconciling your account once more to resolve these discrepancies. This will enable the system to generate a new Reconciliation Discrepancy report that accurately reflects your current transactions and balances.

 

If a check has been voided and not deposited, you can mark these voided checks as reconciled during your reconciliation process. If a voided check was later deposited and matched, you can recreate the entry for accurate tracking and replace it with the original match.

 

To prevent similar issues in the future, ensure that all transactions are accurately recorded and matched during reconciliation. Regular audits of your accounts can also help catch discrepancies early.

 

Additionally, I would like to share some helpful resources to assist you in handling your transactions in QBO. These articles guide you through resolving any reconciliation issues you may encounter and guide you on maximizing the benefits of your financial reports:

 

 

 

To further enhance your experience with QBO, consider exploring QuickBooks Live Expert Assisted. This innovative service connects you with QuickBooks-certified experts who provide personalized guidance tailored to your needs, particularly in managing transactions.

 

You can always swing back to this channel if you need help with your QuickBooks entries. Our awesome Community team is here to support you along the way.

Q
QuestionsForYouAuthor
January 29, 2025

Thank you for your reply, it sounds like I'm on the right track. I realized I could move ahead to reconciling anyway despite the discrepancy, but then I came across another issue.

 

When looking at the History by account page, I'm seeing that the last reconciliation was performed on 6/6/24 through statement end date of 6/6/24. The time before this was done 4/9/24 through statement end date of 2/1/24. I'm seeing that the ending balance on 2/1/24 is $1,530 higher than the starting balance shown during the 6/6/24 reconciliation, and so an auto adjustment was made to bridge the gap. How does this happen? I did not modify cleared transactions in this date range. Can this be undone?

 

Thank you.

I
Ivan_G
January 29, 2025

I appreciate you getting back to this thread, QuestionsForYou. I'll discuss the possible causes of the discrepancy that was automatically replenished by QuickBooks Online (QBO).

 

Here are several factors why there's a discrepancy with your reconciliation:

 

  • Modified or deleted transactions after reconciliation
  • Changes to opening balance value
  • Journal entries affecting the previous reconciliation date
  • New transactions entered within the dates before the last reconciliation

 

To confirm, is there another user in your business who manages your account? If so, they could've been the users who made changes to the reconciled data. We can utilize the Audit log feature in QuickBooks Online (QBO) to confirm this.

 

Here's how:

 

  1. Go to the Gear icon, then Audit log.
  2. Modify the User to All Users and set the Date Changed to align with the reconciliation period.
  3. After that, choose All events from the Events field to display all the transactions and potential modifications or removed data  from the date range you've set.
  4. Refer to your bank statement for accuracy.

 

Since the platform automatically made adjustments to resolve the discrepancy, it would be best to leave it as is. However, if you still want to fix the previous reconciliation, you can seek assistance from an accounting professional to guide you appropriately. This way, you can ensure you'll retain precise records in QuickBooks.

 

For this matter, you and the accountant can utilize this article for the complete procedure for handling this situation: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

 

I'm also attaching these resources so you can gather more insights about the proper reconciliation process and reconciling data that precede your opening balance:

 

 

You can always get back to this thread if you have more questions about handling your reconciliations in QBO. The Community is always here for you.

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