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C
CScotty
March 22, 2021
Question

Reconcilliation - cleared balance is incorrect

  • March 22, 2021
  • 2 replies
  • 0 views

On starting this period's reconcilliation the starting balance is correct. As nothing has yet been checked the cleared balance should be equal to the starting balance but it is not. I have done a data verify - it was OK.


Any ideas? Thanks.

 

 

Any ideas? Thanks.

2 replies

R
RachelRubin1
March 22, 2021

Hi, a reconciled transaction was probably changed or deleted. What I would do is calculate the difference in the beginning balances and search for such an amount in your bank, and verify if it was deleted or changed in QuickBooks.

C
CScottyAuthor
March 22, 2021

I think you may have misunderstood. The beginning balance is correct.

 

The cleared balance is = starting + credits - debits.

 

So, when starting the reconciliation,  cleared = starting. Or at least it should be. It's not :(.

 

There are no entries in the discrepancy report and since the starting balance is correct, I would not expect there to be any.  Therefore there is no point in undoing the previous reconcile as it is correct.

 

So, why is the cleared balanced wrong?

J
JonpriL
March 22, 2021

Hello @CScotty,

 

You're on the right track with how the opening balance is determined. Since it's still incorrect even after reviewing the accuracy of your last reconciliation, I'd recommend contacting your accountant.

 

They have the tools needed to help resolve your reconciliation and understand why the balance is incorrect. If you haven't yet, here's a link you can use to find a bookkeeper near you: Business is better with a ProAdvisor.

 

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Reconcile your bank account with QuickBooks Desktop.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.

J
jamespaul
March 22, 2021

Hello, CScotty.

 

I'll add something to the mix and help you fix the balances when reconciling. 

 

 

As what RachelRubin1 pointed out, a balance discrepancy can be caused by an edited or deleted transaction. You can review your Reconciliation Discrepancy report to check if this is the case: 

 

  1. Go to the Reports menu,
  2. Hover on Banking,
  3. Select Reconciliation Discrepancy.
  4. Choose the bank account, then click OK. 

 

 

If there are transactions that cause the discrepancy between your balances, edit them with the correct details (or recreate deleted ones). Before doing this, back up your company file. 

 

Next, undo the previous reconciliation: 

 

  1. Go to the Banking menu.
  2. Select Reconcile. 
  3. Choose the bank account, then click Undo Last Reconciliation. 

 

 

Finally, correct the previous period by reconciling it again.

 

Other solutions can be found from these articles: 

 

 

After fixing the balance discrepancies, you can work on the next period's transactions. If you need help managing them, you can take a look at our articles in our articles list page. 

 

I'll keep this thread open if you have any other concerns regarding QuickBooks. Just tell us the details here and we'll help you out. 

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