Skip to main content
D
Deadwood Al
March 20, 2025
Question

Reconciliation adjustment

  • March 20, 2025
  • 1 reply
  • 0 views

A question: If we do a GJE hitting the bank account (checking)  for a minor amount, will the GJE show up on the bank reconciliation report to enable us to balance?  For some reason, the sales tax EFT was $.02 difference from the amount drafted from our checking account, and to have to delete the payment and recreate seems like a terrible waste of time for $.02. I'd like to find a quick and easy way to enable us to reconcile the account. Someplace ... not sure if it was QuickBooks or some other software ... it sounded like the only transactions that would appear on a bank reconciliation were checks, EFT's and deposits, and not journal entry adjustments. I would think that ALL transactions that affected a bank account would appear on a reconciliation, no?

    1 reply

    FishingForAnswers
    FishingForAnswers
    March 20, 2025

    @Deadwood Al  "I would think that ALL transactions that affected a bank account would appear on a reconciliation, no?"

     

    This is correct.

    Nicole_N
    Nicole_N
    March 21, 2025

    Yes, @Deadwood Al, when you create a General Journal Entry (GJE) or other transactions that affect the bank account, it will show up on the bank reconciliation report in QuickBooks Desktop. I'll provide further details and an alternative to help you reconcile your account accurately.

     

    Discrepancies like a two-cent difference in amounts can be a common issue in account reconciliations. However, you can create a General Journal Entry to adjust the discrepancy without deleting the actual payment.

     

    Aside from that, you can process a sales tax adjustment to match the allocated amount drafted from the bank account. For a more accurate process, could you please clarify if the sales tax EFT was $0.02 more or $0.02 less than what you expected to be drafted from the account?

     

    If the actual amount drafted from the checking account was more than the expected amount, you need to enter a negative adjustment or a decrease in sales tax using a Sales Receipt.  Otherwise, you need to enter a positive adjustment or an increase in sales tax using a Credit Memo. For detailed steps, check out this article: Adjust amounts for sales tax items.

     

    Once done, proceed to reconcile your account. You can review your data later on by generating the reconciliation report. If you want, you can customize it to get more information you need.

     

    I'm all ears if you have more questions about reconciling an account or any other QuickBooks concerns. Always leave a reply below so I can provide the necessary help. 

    Terms & ConditionsAccessibility statement