Reconciliation in QuickBooks allows you to check that you account is reflection accurate business transactions. However, sometimes you may face various difficulties regarding the reconciliation process because it is a bit complex process. You may face some issues like previously reconciled account is showing a different balance in the next reconciliation. This is known as reconciliation discrepancy that there are some differences in balance in the current reconciliation. If you are also going through such issues then you don’t have to worry as this article will help you to fix reconciliation discrepancies in QuickBooks Desktop.

Following provided solutions will help you in resolving this issue easily. However, it can be a bit complex process if you are a beginner. In such situations, you can connect with us at Intuit QuickBooks Support to resolve your issues.

You may face reconciliation discrepancies due to following causes:

  • You have modified, deleted, or added something in the previously reconciled transactions
  • Reconciliation adjustments (Journal entries, etc.)

How To Fix Reconciliation Discrepancies?

We will be providing you the solutions depending on the above-mentioned causes. It will be very helpful for you if you know which of these is actually causing the issue because you will be able to perform accordingly. Well if you don’t know the actual cause then you can perform both the steps in the shown order.

Modified, Deleted, Or Added Transactions

QuickBooks contains several reports that can be helpful for you in identifying discrepancies.

  • Reconciliation Discrepancy Report: In this report, you are shown the transactions that are sorted by statement date changed since the last reconciliation.
    • Go to Reports > Banking > Reconciliation Discrepancy
    • Select the account and then click on OK.
    • Go through the report to make sure that there are some discrepancies or not.
  • Missing Checks Report: This report allows you to verify missing transactions.
    • From the main menu, go to Reports > Banking > Missing Checks.
    • Select the account and then click on OK.
    • Go through the report to see the transactions that are not matching with your bank statement.
  • Transaction Detail Report: This report helps you verify transactions that were changed or modified.
    • From the main menu, go to Reports > Banking > Missing Checks.
    • Open the Display tab and select:
      • Date From = the earliest QuickBooks date (or leave blank)
      • Date To = The date when you last reconciled the statement
    • From the Filters tab, select:
      • Account = the account being reconciled
      • Entered/Last Modified
      • Date From = Date of the last reconcile
      • Date To = Today
    • Click on OK to run the report
Important:

  • When you identify any discrepancy, you need to make required changes. You can consult your accountant if you need any kind of help.
  • If you want to add a new transaction in the reconciliation period or you have made some changes in the previously reconciled transactions then you have to perform a mini reconciliation.

Reconciliation Adjustment

You can face some discrepancy issues when you force previous reconciliation that results to a reconciliation adjustment. You have to check the Reconciliation Discrepancy account to identify any inappropriate adjustments.

  • From the main menu, go to List > Chart of Accounts
  • Double-tap on the Reconciliation Discrepancies
  • Choose an appropriate filter from the Dates drop-down.
Important:

  • If you couldn’t identify the transaction(s) should be corrected then you have to undo the last reconciliation until the opening balance is accurate.
  • Once you correct the opening balance, you will be able to proceed to reconcile the current month by ensuring that the opening balance is accurate for every month. If you see any incorrect opening balance then you can correct it.
  • If an old transaction was modified or deleted recently then you can undo bank reconciliations to that time to get the correct opening balance.

Reach Us For Support

Follow The Steps Carefully or Contact Or ProAdvisors

The provided solution should allow you to fix reconciliation discrepancies in QuickBooks Desktop. However, if you can’t resolve the issue manually then you can reach out to us for support at getsupportnumber.com. To reach out to us, you can get in touch with us at our toll-free QuickBooks Support Phone Number +1888-396-0208 and the certified ProAdvisors of QuickBooks will be connected to you for resolving your issues.

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Fix Reconciliation Discrepancies In QuickBooks Desktop

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