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U
UGVP
January 13, 2022
Question

Reconciliation discrepancies between accounts

  • January 13, 2022
  • 1 reply
  • 0 views

We make regular month end payments from our PayPal account using our available PayPal balance.  As the payment amount always exceeds the available balance, it automatically withdraws the difference from our linked bank account.  When I go to reconcile my PayPal account, it shows the bank account funds received the same day as the transaction has taken place, however, the bank shows the that the transfer of funds to PayPal has only taken place several days into the following month.  Just wondering how best to account for this at year end?  Appreciate any ideas!

1 reply

M
MadelynC
January 13, 2022

I’m here to help so you can successfully process reconciliation in QuickBooks, @UGVP.


You can exclude or ignore the transaction with a different date if the account is connected to your bank feeds.


Here's how you do it:
 

  1. Go to the Banking menu, then click Bank Feeds > Bank Feeds Center.
  2. Select the account, then go to the Transaction List.
  3. Locate the transaction with a different date.
  4. Under the Action column, choose Ignore.

 
Then, record a fund transfer from the date the transaction takes place. This will resolve the discrepancies between your accounts. I'll show you how:
 

  1. Go back to your Banking menu.
  2. Select Transfer Funds.
  3. Enter the correct information on each field.
  4. Press Save & Close.

 
Once done, you can finish reconciling. Check out this guide for complete instructions: Learn the reconcile workflow in QuickBooks. It includes solutions in case you’ll encounter issues while doing the process and steps to edit reconciled accounts.
 
If you need further assistance with your reconciliation, just add a comment below. I’ll be here to help. Always take care!

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