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C
CLH-SC
October 2, 2023
Solved

Reconciled our account but shows -0.00 difference so can not close reconciliation

  • October 2, 2023
  • 1 reply
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We have completely reconciled our account, however QB is showing a difference of -0.00  (nothing!) so it will not allow us to close the reconciliation.  QB doesnt allow for more than 2 decimals, so not sure how to find the problem/where to look.  Has anyone else had this happen?

    Best answer by Nicole_N

    Thanks for getting in touch with the Community, @CLH-SC. I'm here to help you fix and find out what's causing the difference. 

     

    Typically, the difference between your bank statement and QuickBooks should be $0.00 at the end of the reconciliation. If it's not, we can look for issues causing it to be negative. 

     

    First, make sure your opening and beginning balances are correct. Once you know these are accurate, we can pull up the discrepancy report to check if there are transactions that were changed. I'll guide you on how:
     

    1. Go to the Reports menu. Hover over Banking and select Reconciliation Discrepancy.
    2. Select the account you're reconciling and then select OK.
    3. Review the report. Look for any discrepancies.
    4. Talk with the person who made the change. There may be a reason they made the change. 

     

    Once already figured out the discrepancy, make sure to correct it as needed. You can also utilize this link for more fixes: Fix issues when you're reconciling in QuickBooks Desktop.


    For additional information to guide you with the reconciliation process and to avoid discrepancies, check out this article for you: Learn the reconcile workflow in QuickBooks.
     

    Please keep us posted about the result after performing the steps provided. We'd be glad to assist if you require further assistance with this. Take care.

    1 reply

    Nicole_N
    Nicole_NAnswer
    October 2, 2023

    Thanks for getting in touch with the Community, @CLH-SC. I'm here to help you fix and find out what's causing the difference. 

     

    Typically, the difference between your bank statement and QuickBooks should be $0.00 at the end of the reconciliation. If it's not, we can look for issues causing it to be negative. 

     

    First, make sure your opening and beginning balances are correct. Once you know these are accurate, we can pull up the discrepancy report to check if there are transactions that were changed. I'll guide you on how:
     

    1. Go to the Reports menu. Hover over Banking and select Reconciliation Discrepancy.
    2. Select the account you're reconciling and then select OK.
    3. Review the report. Look for any discrepancies.
    4. Talk with the person who made the change. There may be a reason they made the change. 

     

    Once already figured out the discrepancy, make sure to correct it as needed. You can also utilize this link for more fixes: Fix issues when you're reconciling in QuickBooks Desktop.


    For additional information to guide you with the reconciliation process and to avoid discrepancies, check out this article for you: Learn the reconcile workflow in QuickBooks.
     

    Please keep us posted about the result after performing the steps provided. We'd be glad to assist if you require further assistance with this. Take care.

    C
    CLH-SCAuthor
    October 3, 2023

    Our beginning and ending balances match our bank statement.

    The reconciliation difference is NEGATIVE 0.00  (-0.00).  

    It is like there is an entry holding a value in the thousandths position but QB doesnt allow more that 2 decimals.

    Any ideas?

     

      R
      rvrfrf
      October 3, 2023

      Thanks for following up with the Community, CLH-SC.

       

      If your reconciliation difference isn't $0.00, there's a few ways you can fix it.

       

      For bank accounts, QuickBooks opens the Reconcile Adjustment window and displays a few options:
       

      • Return to Reconcile - This brings you back to your reconciliation screen so you can review everything again.
      • Leave Reconcile - Save the reconciliation so you can review or edit any existing transactions causing issues. You can come back and finish your reconciling later.
      • Enter Adjustment - Use this option if you want to complete the reconciliation. It will force QuickBooks to create an adjustment to balance everything. This should only be done if you know all of your correct transactions are entered accurately. QuickBooks automatically enters the adjustment as a journal entry. The entry will go into a special expense account called Reconciliation Discrepancies.

       

      To see all of your adjustments on the list, you can review a Previous Reconciliation report for adjusted reconciliations. This shows you cleared transactions and any changes made after the transaction that may not show in your discrepancies.

       

      Here's how:
       

      1. Go to the Edit menu, then choose Find.
      2. From your Find window, access the Advanced tab.
      3. Hit Memo.
      4. In your Memo field, type "Balance Adjustment", then select Find.

       

      Here's how to review all cleared transactions:
       

      1. Go to the Reports menu, then choose Report Center.
      2. Search and open your Previous Reconciliation report.
      3. Pick the account you're working with, then either Detail, Summary, or Both.
      4. Click Transactions cleared, plus any changes made to those transactions since your reconciliation.
      5. Select Display.

       

      For other types of accounts, QuickBooks opens the Make Payment window. This lets you write a check or enter a bill to pay to cover your outstanding balance. If you don't want to record a payment, hit Cancel.

       

      In the event you run into issues or discrepancies, meaning transactions in QuickBooks don't match your bank statement, you can refer to our following articles:
       

       

      Please feel welcome to send a reply if there's any additional questions. Have an awesome Tuesday!

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