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SDP706
July 2, 2024
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Checking account balance off by $500 and balance sheet is in balance

  • July 2, 2024
  • 1 reply
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When doing the bank rec for our checking account, I realized that a $500 check belonged in a different account setup for payroll. I double clicked the check in the rec and change the account to the correct account and saved.

 

When I finished the bank rec, there was a $500 difference. I cleared the rec and started over with the same result. The beginning balance had decreased by $500. I undid the previous month's rec and the beginning balance had changed for the previous month, $500 less than the bank statement.

 

I went back several more months and all balance are $500 less. The balance sheet still balances somehow and the payroll account that I moved the check to has the correct balance.

 

Anyone know how to fix????

Best answer by JaeAnnC

I've got ways to help you fix the reconciliation discrepancy on your account in QuickBooks Desktop (QBDT), @SDP706.

 

Since a previously cleared or reconciled transaction was modified, you'll encounter beginning balance issues when reconciling.

 

To correct the discrepancy, you'll need to edit or enter the transactions again. First, you can undo a previous reconciliation and redo it. Alternatively, ignore the discrepancy and let QuickBooks enter an offsetting adjustment. To do that, select Enter Adjustment to complete the reconciliation process. Once done, the system will automatically generate a Journal Entry under a special expense account named Reconciliation Discrepancies.

 

For in-depth information about resolving reconciliation issues, please see these articles:

 

 

Additionally, you can utilize bank rules in QBDT to speed up the categorization process of your bank transactions.

 

We'll be glad to offer additional help if you have clarifications about resolving discrepancies when reconciling. Take care and have a good one.

1 reply

JaeAnnC
JaeAnnCAnswer
July 2, 2024

I've got ways to help you fix the reconciliation discrepancy on your account in QuickBooks Desktop (QBDT), @SDP706.

 

Since a previously cleared or reconciled transaction was modified, you'll encounter beginning balance issues when reconciling.

 

To correct the discrepancy, you'll need to edit or enter the transactions again. First, you can undo a previous reconciliation and redo it. Alternatively, ignore the discrepancy and let QuickBooks enter an offsetting adjustment. To do that, select Enter Adjustment to complete the reconciliation process. Once done, the system will automatically generate a Journal Entry under a special expense account named Reconciliation Discrepancies.

 

For in-depth information about resolving reconciliation issues, please see these articles:

 

 

Additionally, you can utilize bank rules in QBDT to speed up the categorization process of your bank transactions.

 

We'll be glad to offer additional help if you have clarifications about resolving discrepancies when reconciling. Take care and have a good one.

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