Skip to main content
D
dmufeed21125
November 30, 2022
Question

reconcile

  • November 30, 2022
  • 1 reply
  • 0 views

hello. i have a bank statement that i need to reconcile into QuickBooks desktop. before i reconcile i entered the deposits and checks and withdrawals from statement into quick book. now when i want to reconcile its giving a large difference and when am selecting all the transactions that matches my statement i am still not getting a difference of zero

1 reply

Nicole_N
Nicole_N
November 30, 2022

Hi, @dmufeed21125. I know how important it is for you to get a difference of zero. I'm here to help and provide you with several ways to fix it.

 

To clear the difference into zero, I suggest checking the beginning balance of the reconciliation. From there, you'll be able to see if all transaction and information you entered is correct.

 

To do that, you can refer to this article: Enter opening balances for accounts in QuickBooks Desktop. 

 

Once you know these are accurate, start looking for other issues. There are several reports in QuickBooks that show you if anything has been changed, deleted, or added. Let's check the discrepancy report to see what's causing this error.

 

  1. From the Reports menu, select Banking, then Reconciliation Discrepancy.
  2. Choose the appropriate account, then select OK.
  3. Review the report to identify any discrepancies.


If you're able to find the transactions that are the reason for this issue, please go to the Audit Trail Report to see the transaction's history details. Check out this article for reference: Fix Reconciliation Discrepancies.
 

I'm also adding these articles to learn what to do if your accounts in QuickBooks don't match your bank statements at the end of reconciliation.

 

 

You can always get back to us if you have further questions when reconciling your account. We're always here to help. Keep safe and have a great day!

D
dmufeed21125Author
November 30, 2022

summary there are three things deposits, withdrawal s and check payments 

 

 

second point when i am reconciling dont i need to match all the transactions as the same as the statement. Or do i just match the payments and dont match the deposits

C
CharleneMaeF
November 30, 2022

It's our priority to ensure you can reconcile your account, dmufeed2.

 

When reconciling, you need to review your account in QuickBooks Desktop to make sure they match your real-life bank statement. 

 

Let's make sure the transactions entered are accurate. This could be the cause of the discrepancy. I'd recommend running the Transaction Detail report to check if there are any changes. Beforehand, make sure your opening and beginning balances are correct.

 

Here's how to run the report:

 

  1. Go to the Reports menu. Hover over Custom Reports and select Transaction Detail.
  2. Select the Display tab.
  3. In the Date From field, select the earliest period in QuickBooks for the account. You can also leave it blank.
  4. In the Date to field, select the period of your last reconciliation.
  5. Go to the Filters tab.
  6. In the Account field, select the account you're reconciling.
  7. In the Entered/Last Modified field, set the Date from to the date of your last reconciliation. Then set the Date to field to today's date.
  8. Select OK to run the report.
  9. Look for any discrepancies or transactions that don't match what's on your bank statement.
  10. Once you know, edit the transaction as needed.

 

If the transactions all match the statements, let's review the account and make sure there's no inaccurate adjustment made. I'll show you how:

 

  1. Go to the Lists menu and select Chart of Accounts.
  2. Open the Reconciliation Discrepancies account.
  3. From the Dates field, set dates for your last few reconciliations.
  4. If you see any adjustments, reach out to whoever adjusted it. Make sure your corrections aren't conflicting with the adjustment.

 

When everything is fixed, you can finish reconciling.

 

Once done, you can review the reconciliation report for future reference. Here's how:

 

  1. Go to the Reports menu, then select Reports Center.
  2. Search and open a Previous Reconciliation report.
  3. Select the account you reconciled, then either Detail, Summary, or Both.

 

Please keep us posted if you need additional assistance reconciling your accounts. We're always here to help you out.

Terms & ConditionsAccessibility statement