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cyaeger41
November 20, 2022
Question

Reconciling a bank error

  • November 20, 2022
  • 1 reply
  • 0 views

We deposited $1155.27 on 8/15/22. The bank cleared it as $1155.36. It is now November and we are just trying to reconcile August. How do we note this error and correct it so we can reconcile August thru October and then when the bank makes the correction what is the correct action?

I understand that I can add a "bank error" line to the deposit and add the $.09 and clear it in the reconciliation, but then what is the correct action when the bank makes the correction? Another change in a deposit? That doesn't seem like a very clean way to do it.

1 reply

MariaSoledadG
MariaSoledadG
November 20, 2022

Let me guide you on how to fix bank errors, cyaeger41.

 

Sometimes, your bank or credit card company makes a mistake by processing a transaction for a different amount than the amount you wrote. Here's what you can do when you see errors on your bank or credit card statement.
 

  1. Make an adjustment transaction in the View register for the difference between what the statement says and what the transaction should be.
  2. Contact your bank or credit card company and report the error.
  3. When you receive your next bank or credit card statement, verify that it contains an adjustment for the error.
  4. Find and delete the adjustment transaction.
  5. Reconcile the new bank or credit card statement with the account.

 

However, I still recommend reaching out to your account to guide you when making the adjustment in your register. Not only the adjustment but your accountant can also advise you on what steps to take to proceed with the reconciliation while waiting for your bank to correct the error. 

 

Moreover, if you haven't encountered issues with reconciliation, learn from this article in case you'll face problems during the reconciliation stage: Fix Issues The First Time You Reconcile An Account In QuickBooks Online.

 

Drop a comment below if you have questions about reconciliation, I'll always be right here to help you. 

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