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Jameson
March 19, 2025
Solved

Reconciling difference but transactions match

  • March 19, 2025
  • 2 replies
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Hello, 

I am trying to reconcile an account but cannot figure out why I have a difference. The account says there's a difference of $61,661.66 I went through and manually checked each transaction. The account state shows 188 payments and 89 deposits. Same as what QB shows. The only thing I can think of is if an older transaction was changed from (C) cleared status to (R) reconciled? The account doesn't have any discrepancies but still shows this difference. I checked the activity log to see if I could trace which transactions would have caused this but it doesn't show those kind of edits. is there anyway I could create a journal entry to fix this issue? 

 

 

    Best answer by FishingForAnswers

    @Jameson   If you knew what was wrong, you could, but I doubt it'll be necessary.

     

    Although there are quite a lot of things that can result in these problems, there are only three real problems that can cause an account to have a reconciliation discrepancy.

     

    The first is that the beginning balance is not correct.

     

    The second is that the ending balance is not correct.

     

    The third is that there are either missing or extra additions or deductions.

     

    Going by your description, I'd start by checking the beginning and ending balances you are using.

    2 replies

    FishingForAnswers
    FishingForAnswersAnswer
    March 19, 2025

    @Jameson   If you knew what was wrong, you could, but I doubt it'll be necessary.

     

    Although there are quite a lot of things that can result in these problems, there are only three real problems that can cause an account to have a reconciliation discrepancy.

     

    The first is that the beginning balance is not correct.

     

    The second is that the ending balance is not correct.

     

    The third is that there are either missing or extra additions or deductions.

     

    Going by your description, I'd start by checking the beginning and ending balances you are using.

      J
      Jameson Author
      March 19, 2025

      Thank you for the help. I feel like a dummy. I checked every possible reason. It didn't make sense that the debits and credits matched but the balance was still off. Turns out I entered the ending balance as a positive number when it should have been a negative ending balance. Glad I double checked and finally figured it out. 

       

      Thank you @FishingForAnswers 

        FishingForAnswers
        FishingForAnswers
        March 19, 2025

        @Jameson   We've all been there. Good luck with the year-end work.

        M
        MichaelaS
        March 19, 2025

        You can create a Journal Entry (JE) to balance the account, Jameson. Please note that this won't fully address the root cause of the difference. As @FishingForAnswers mentioned, various factors can cause reconciliation discrepancies.  It's best to check the Discrepancy Report to identify the changes affecting this.

         

        Here's how to access it:

         

        1. You'll get a message before you start reconciling.
        2. Select the "We can help you fix it" link to open your discrepancy report.
        3. Review the Discrepancy Report. Use it to decide if and how to make changes.
        4. Edit them if necessary.

         

        For reference on how to enter an adjusting journal entry and check other ways to review the discrepancy, here are the articles:

         

         

        It's best to discuss any changes to your account with your accounting professional beforehand. If you don't have an accountant, find one in our Resource Center.

         

        Also, if you need assistance managing your transactions, please visit our QuickBooks Live Expert Assistance website. Our experts are ready to guide you step by step, ensuring your financial records remain accurate and up to date.

         

        Furthermore, you can refer to this article to complete year-end tasks and prepare for the new year: Year-end guide for QuickBooks Online.

         

        You can always get back to this thread if you have more questions or concerns about handling your reconciliations in QuickBooks. The Community is always here for you.

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