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Sarah_HM
April 25, 2024
Question

Reconciliation Difference

  • April 25, 2024
  • 1 reply
  • 0 views

Hello,

I went to reconcile my January books and there is an $800 difference on the deposit side. When I review the list of deposit transactions for January the reconciliation difference is caused by transactions from October. I don't know why they are showing up in January reconciliation and I don't know how to remove them so it doesn't throw off my ending balance for January. My 1/1 balance matches my bank statement so I know I am starting with the correct beginning balance.

1 reply

M
MirriamM
April 25, 2024

Let me help you with your reconciliation concern, Sarah.

 

When reconciling, only the transactions that were cleared from your bank account appear on the Reconciliation page. In your case, it seems that the October transaction cleared in January, which is why it's showing up now. To verify this, you can cross-check the transactions on the QuickBooks Online (QBO) account with your bank statement to ensure they match.

 

Moreover, you can go through the following articles to help keep your accounts up-to-date:

 

 

Once the reconciliation is complete, you can run a report to check if everything is in order. For detailed instructions on how to run a reconciliation report, please refer to this article: How do I view, print, or export a reconciliation report?

 

If you have any further questions related to balancing your accounts, feel free to visit the Community again. We're always here to assist you, Sarah.

S
Sarah_HMAuthor
April 26, 2024

Thank you for your assistance, I double checked the cleared deposits against my bank statement and the January ones match but none of the October transactions are on my bank statement for January. When I originally reconciled October I matched the cleared transactions at that time to the bank statement and had no issues. Is it possible that the October transactions showing up in January are duplicate? What do I do?

 

J
JorgetteG
April 26, 2024

Thank you for your response, @Sarah_HM. I appreciate you sharing your additional concerns regarding your reconciliation. I know that timely reconciliation is crucial, and I'm here to help you achieve that and ensure accurate bookkeeping figures.

 

You mentioned that none of the transactions from October are listed on your January statement, and that you've reconciled your October with no issues. Therefore, let me assist you in making sure that these are not duplicate transactions. If they are, I will guide you on how to correct them.

 

First, let's review the transactions in the Reconciliation window and look for any that are in QuickBooks but not on your bank statement. Make a note of the transaction date and amount, and run a Past Reconciliation report for those dates.

 

If you find a transaction that was on a previous bank statement but wasn't on the past reconciliation report for those dates, follow these steps:

 

  1. Go to Bookkeeping and select Chart of accounts.
  2. Find the account you’re reconciling and click View register.
  3. Locate the transaction and select it to expand the view.
  4. If the box in the checkmark column is blank or has a C, make sure the transaction is accurate.
  5. Click the box in the checkmark column until you see an R. If there's already an R in the checkmark column, leave it alone.
  6. Once done, select Save.

 

If the transaction was on the past reconciliation report, let's look for duplicate transactions and delete them. Please note that you should only delete transactions if you're absolutely certain they're a duplicate or error.

 

Here's how:

 

  1. Go to Bookkeeping and select Chart of accounts.
  2. Find the account you’re reconciling and click View register.
  3. Locate the transaction and select it to expand the view.
  4. Select Delete and then Yes to confirm.

 

Furthermore, I recommend getting in touch with your accountant for extra advice on the next step to take and to keep your books in order.

 

Finally, you can learn the reconcile workflow in QuickBooks and view, print, or export a reconciliation report.

 

If you have any additional issues or need clarification regarding reconciliation, please let me know. I'm available 24/7 to help you out.

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