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QBO reconciliation discrepancy

Forum|Forum|2 years ago
February 2, 2024
2 replies
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I am having difficulty reconciling my Visa in QBO. My beginning and ending balances are correct. My charges and payments all match. Yet the amount shown in the DIFFERENCE box is $5973.16. How can this be? At the beginning of reconciling the DIFFERENCE shows correctly but as I mark items off that box changes to incorrect. What might cause this error?

Thanks for any help!!

QuickBooks Online

Best answer by ReymondO

Hi there, @Advancer. Thanks for getting back to the thread.

Let me jump into this conversation and provide you with further help in fixing the discrepancy in your QuickBooks Online (QBO) account.

Here are the possible reasons why the amount shown in the DIFFERENCE box is off:

Combined several payments that were recorded as one from your bank but were entered separately into QuickBooks. To fix it, move those individual payments in QuickBooks to the Undeposited Funds account. Then make a Bank Deposit to combine them into a single record.
Some transactions in your bank statements aren't recorded in QuickBooks. If your accounts are connected to online banking, review and categorize all of your downloaded transactions. Review the list of transactions in the Reconciliation window. If you see transactions on your bank statement that aren't in QuickBooks, record them as new sales receipts or expenses.
There are transactions recorded in QuickBooks that weren't a part of your bank statement. Review again your Reconciliation window and look for any transactions that are in QuickBooks, but aren't on your bank statement.

If you can't find issues in QBO, there may be an error with the bank or credit card company. Please see this article to check for mistakes on your bank or credit card statement: Fix mistakes on your bank or credit card statement.

Once your accounts are balanced, you can finish reconciling.

If you have any other concerns or questions about bank reconciliation, please reach out to me again by tagging my name in your comment. I'll be right here to keep helping.

A

AileneA

I'll help ensure you can reconcile your account successfully, Advancer.

When reconciling an account in QuickBooks, it is essential to ensure the accuracy and completeness of all transactions. The process involves comparing the transactions recorded in QuickBooks with those on your bank statement to identify discrepancies. Once you have identified the discrepancies, you must review and adjust them to match the bank statement. After making the necessary adjustments, the ending balance in QuickBooks should match the balance on your bank statement, resulting in a difference of $0.00. This process is essential in ensuring that your financial records are up-to-date, accurate, and error-free.

If you encounter any discrepancies in the ending balances, don't worry. Follow these steps to identify and resolve any issues before completing the reconciliation. But before we proceed, here are the possible reasons why there are discrepancies in your account:

Someone entered an incorrect ending balance at the start of the reconciliation.
There are missing or duplicate transactions in QuickBooks.
Someone entered transactions into QuickBooks that still need to clear your bank.

Let's start by verifying the accuracy of the opening and beginning balances before moving forward.

Before starting the reconciliation process, double-check the ending balance entered from your bank statement to ensure accuracy. Make sure you entered the correct amount.

While you're reconciling an account, in the Reconciliation window, select Edit info.
Review the Ending balance and Ending date.
Check your bank statement. Make edits as needed.
When you're done, select Save.

If there's still a difference in QuickBooks, move on to Step 3. Refer to this article for detailed information on Step 3: Fix issues at the end of a reconciliation in QuickBooks Online.

I'll also include these helpful guides regarding reconciliation workflow and troubleshooting:

Our doors are always open to help you, so please don't hesitate to revisit us if you need assistance reconciling your accounts. Have a great day!

A

AdvancerAuthor

This answer did absolutely nothing to help my problem. I already stated that:

1. the beginning balance is correct

2. the ending balance is correct

3. all charges match exactly

4. all payments match exactly

5. the 'difference' amount is correct before checking off any charges or payments

Once I begin to check off any items, the 'difference' amount goes off by $5973.16. When all items have been matched and checked off, it still says I am off by $5973.16. I can't figure out why it suddenly changes once I begin to reconcile items.

R

ReymondOAnswer

Hi there, @Advancer. Thanks for getting back to the thread.

Let me jump into this conversation and provide you with further help in fixing the discrepancy in your QuickBooks Online (QBO) account.

Here are the possible reasons why the amount shown in the DIFFERENCE box is off:

Combined several payments that were recorded as one from your bank but were entered separately into QuickBooks. To fix it, move those individual payments in QuickBooks to the Undeposited Funds account. Then make a Bank Deposit to combine them into a single record.
Some transactions in your bank statements aren't recorded in QuickBooks. If your accounts are connected to online banking, review and categorize all of your downloaded transactions. Review the list of transactions in the Reconciliation window. If you see transactions on your bank statement that aren't in QuickBooks, record them as new sales receipts or expenses.
There are transactions recorded in QuickBooks that weren't a part of your bank statement. Review again your Reconciliation window and look for any transactions that are in QuickBooks, but aren't on your bank statement.

If you can't find issues in QBO, there may be an error with the bank or credit card company. Please see this article to check for mistakes on your bank or credit card statement: Fix mistakes on your bank or credit card statement.

Once your accounts are balanced, you can finish reconciling.

If you have any other concerns or questions about bank reconciliation, please reach out to me again by tagging my name in your comment. I'll be right here to keep helping.

M

mkpume

I am having similar issue.

Nicole_N

I want to ensure you can successfully reconcile your account in QuickBooks Online (QBO), @mkpume.

Have you tried fixing the reconciliation discrepancy using the provided information given by my peer above? If not, I suggest you to do so.

If the issue remains, I suggest contacting our Phone Support team for further investigation. They have all the necessary tools to check on your account and walk you through the resolution. Here's how:

Go to the Help icon in the top right-hand corner.
Select Search, then press the Contact Us button.
Enter your question in the box and hit Continue.
Choose the best way you'll want to reach out to us.

They can accommodate you Mondays to Fridays from 6 AM to 6 PM PT and Saturdays from 6 AM to 3 PM PT.

Once everything's fine and you successfully reconcile your account, you can generate and export a reconciliation report in QuickBooks.

If you have more questions about reconciling your account or any other QuickBooks concerns, never hesitate to leave your reply below.

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