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Blacklabmom1
May 2, 2021
Question

Reconciling differences in credit cards

  • May 2, 2021
  • 1 reply
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I reconciled last months credit card statement and I started to reconcile this month but I noticed I am starting with a difference that I did not have at the end of last month. How do I figure out what that is?

 

1 reply

BWeemer
BWeemer
May 2, 2021

There are a few reasons for this to be happening.  The most common I have listed below.

 

  • Someone entered an incorrect opening balance when they created the account in QuickBooks.
  • Someone added transactions that are older than the opening balance, but didn't edit the original opening balance entry to reflect the change.
  • Someone edited, deleted, moved, or unreconciled an already reconciled transaction. This changes the ending balance of your last reconciliation, which impacts the beginning balance of the next one.
  • Someone manually reconciled a transaction, so it didn't show up on the next reconciliation.

 

For whatever reason your beginning balance is no longer correct, you can reference the resource article I included below to help you find the discrepancy and correct the previous reconcile.
https://quickbooks.intuit.com/learn-support/en-us/bank-deposits/fix-beginning-balance-issues-if-you-ve-reconciled-the-account-in/00/186290 

If you’ve followed everything in our reconcile guide but still have questions, connect with your accountant. They can help get back on track.

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