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Chun95chula
February 7, 2025
Question

Cash Reconcilation

  • February 7, 2025
  • 1 reply
  • 0 views

I recorded a wire transfer in QuickBooks as a journal entry with a debit to cash ($200,000) and a credit to liability - loan ($200,000). After reconciling all transactions for the month, my bank reconciliation still shows a difference of $200,000. I have reviewed all transactions, and they are correct, so the reconciliation should have zero difference. How can I correct this $200,000 reconciling difference? The previous month's reconciliation had no issues. Thank you.

    1 reply

    FishingForAnswers
    FishingForAnswers
    February 7, 2025

    @Chun95chula  First, if you are using this as a way to recognize a payment of a liability, it would be cleaner to use the Make Deposit window, using the Liability as the source account.

     

    This would establish the balance of the loan and increase the bank account balance by the $200,000.00 in a way that works better with most of the reports in QB; for whatever reason, QB's reports do not always source GJEs as well as you'd expect.

     

    As to why you're having the issue specifically, it may help to share a picture of your JE as well as confirmation of what kind of account Cash is, and which account you are reconciling; the most straightforward explanation is that whatever you're debiting isn't the bank account you are reconciling, or that you have some other entry offsetting things, or that you dated the JE wrong.

    FishingForAnswers
    FishingForAnswers
    February 7, 2025

    @Chun95chula   "First, if you are using this as a way to recognize a payment of a liability---"

     

    Brain hiccup, meant to refer to receiving a loan and this community doesn't trust its users to edit their own posts.

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