Skip to main content
T
TUSSU
August 16, 2022
Question

Problem Reconciling

  • August 16, 2022
  • 2 replies
  • 0 views

Hi,
I have just completed Reconciling the month of July, I have entered the opening and closing balance correctly and checked all of the entries in Quickbooks against the Bank Statement and all are correct, but when I was finished Quickbooks is saying that I have a difference of €13780, I then unticked all of the entries and completed the reconciliation for a second time but get the same result, how is this possible, what do I need to check to correct this error?
Best Regards,
Noel

2 replies

A
AbegailS_
August 16, 2022

Hi there, @TUSSU.

 

Thanks for sharing the details of your concern. Let me help you fix your reconciled account so we can match it with your bank statement. 

 

It's best to prepare and compare the actual statement to the list of transactions to reconcile during the reconciliation procedure. In this manner, any discrepancies are avoided, and you know which transactions have been reconciled, cleared, or are yet to be recorded.

 

I'm also adding this reference that guides you anytime you need help while doing or fixing a reconciliation: The Reconcile Workflow in QuickBooks.

 

For your reference, you'll want to generate a copy of your reconciliation report: How do I view, print, or export a reconciliation report?

 

Please touch base with us if there's anything else that you need help with about reconciliation. We're always right here to assist you further anytime. 

T
TUSSUAuthor
August 16, 2022

Thank you very much for your reply, I have tried all of the solutions you have suggested before posting on this forum and none of them work, that is why I was looking for something that I may have missed.

Best Regards,

Noel

MariaSoledadG
MariaSoledadG
August 16, 2022

I've other solutions that you can try to help you fix your reconciliation issues, TUSSU.

 

The amount of your beginning balance should match on your bank statement for the same start day. If not, QuickBooks helps you identify what you need to change. You'll want to make sure your opening balance is correct before you check your beginning balance. Then, ensure you're reconciling the correct account for the correct month. Here's how: 
 

  1. In QuickBooks, go to Bookkeeping and select Reconcile (Take me there).
  2. Review the account you selected in the Account dropdown menu.

 

Next, if you're connected to online banking, match and categorise all your downloaded transactions before you start reconciling. This is to get your final correct beginning balance. To give you more detailed steps on how to review any discrepancy reports before you start reconciliation, I've added this article for your guide: Fix Issues For Accounts You've Reconciled In The Past In QuickBooks Online.

 

Moreover, aside from your reconciliation report, QuickBooks offers several reports that cater to your business information. Learn how to customise them to get the data that best suits your need. Please check out this article: Customise Reports In QuickBooks Online.

 

Feel free to let us know if you need anything else with reconciliation. We're always right here to help you anytime. 

K
Kevin_C
August 18, 2022

Thanks for the prompt response, @TUSSU.

 

I appreciate you performing the suggested fixes shared by my colleagues above. Let me share some information to help you fix the reconciliation discrepancy.

 

Since following the recommended fixes doesn't work for you, you'll want to check out and follow the steps outlined in this article: Fix issues at the end of a reconciliation. This will guide you in properly reviewing your transactions to check for the possible errors that caused the discrepancy.

 

Furthermore, I'd recommend seeking assistance from your accountant to ensure that your books are accurate and to avoid messing up the data. They'll be able to help and provide more expert ways of dealing with this situation. Here's an article to invite an accountant: Add an accountant to review your accounting in QuickBooks Online.

 

Additionally, check out this article to learn more about how you can effectively manage your income, expenses, and any possible errors accordingly. For the step-by-step guide, you can refer to this article: Learn the reconcile workflow in QuickBooks.

 

You're always welcome to post a reply here if there's anything else you need. We're around to provide the steps. Keep safe!

N
Nidha
June 11, 2023

 Hi,

 

I have the same problem that appear differences in reconciling. I have checked opening balance and ending date and they are matched with the bank statement.

 

Note: the bank account is not connected with the QuickBooks account. I enter the transaction manually.

 

 

Thanks.

Nidhal 

Bryan_M
Bryan_M
June 11, 2023

Thank you for joining this thread, @Nidha.

 

It might be that there are transactions that weren't recorded or you need to change. You can review the registers for this. Here's how: 
 

  1. Go to Bookkeeping or Accounting, then select Chart of accounts.
  2. Find the account that has the reconciled transaction. Then select View register.
  3. Find the transaction. If the transaction is reconciled, you’ll see an “R” in the checkmark ✔ column.
  4. Select the transaction to expand the view.
  5. In the checkmark ✔ column, select the box with the “R” until the box is blank. This removes the transaction from the reconciliation.
  6. Select Save.
  7. Close the account register.

 

Read this article for reference: Undo or remove transactions from reconciliations in QuickBooks Online.

 

After you reconciled again, if you see a small amount left over, enter an adjusting entry for a reconciliation.

 

Keep us posted if you need additional assistance in reconciling the account. Have a great day!

Terms & ConditionsAccessibility statement