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Sarah_HM
May 5, 2024
Question

reconcilliation discrepancy

  • May 5, 2024
  • 1 reply
  • 0 views

Hello,

I am reconciling my January books and my quick books told me my balance is off. When viewing the reconciliation discrepancy report it appears the issue is with some transactions from October. In October I had some transactions accidentally get deleted and I had to manually re-enter them. I didn't have any issue reconciling October, November or December after that. When I view my report I see several transactions from October plus the ones that were deleted. Many more than what is on my bank statement. How do I tell if some transactions are doubled and how do I proceed to fix the discrepancy in the balance.

    1 reply

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    AnneMariee
    May 5, 2024

    Let's review your transactions so that you can ensure your records are accurate, Sarah_HM.

     

    Duplicate transactions can cause discrepancies when reconciling. To avoid this, you can review your transactions and look out for duplicates.

     

    When you come across duplicate transactions in QuickBooks Online (QBO), you have two options to resolve them. You can either exclude them or delete them. If you choose to exclude a transaction, it won't show up again in the bank feeds. However, if you delete it, QBO will recognize it as missing and download it again. To avoid any reconciliation issues, I'd recommend that you exclude duplicates. Let me guide you on how to do this.

     

    1. Go to Bookkeeping, then select Transactions.
    2. In the Bank transactions tab, open the For review tab.
    3. Tick the checkbox of the transactions you want to remove.
    4. Click Exclude.

     

    If you want to learn more about how to fix issues while reconciling, you can check out this article: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

     

    In case you ever need to undo a reconciliation, you can follow this guide: Undo or remove transactions from reconciliations in QuickBooks Online.

     

    I'm here to help you, Sarah_HM. If you need more assistance with reconciliation, feel free to click the Reply button.

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    Sarah_HMAuthor
    May 6, 2024

    What is the best way to determine if the issues are caused by duplicate transactions?

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    MAnneJ
    May 6, 2024

    Let's figure out a way to determine the issues caused by duplicated transactions, @Sarah_HM. 

     

    One way to determine issues caused by duplicated transactions is to review your Profit and Loss if income or expenses are inflated. 

     

    Here's how: 

     

    1. On the left panel, go to Reports.
    2. Enter Profit & Loss in the search box.
    3. Click the Customize button.
    4. Under Rows/Columns, hit Change Columns.
    5. Tick the check box for % of Income and % of Expense.
    6. Click Run report.

     

    On the other hand, we can do a quick reconciliation review to see if the balances match the statement. 

     

    In addition, you may want to check this article to learn how to close your books and prevent changes to past transactions: Close your books in QuickBooks Online. 

     

    I'm always available if you need more help managing your duplicate transactions and any QuickBooks-related queries. Keep safe. 

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